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In essence, it is a sellers market due to the very low inventory. As we have recently seen, standard sales are valued by buyers, and they will often bid up the house. The main issue with pricing at a premium will be the comparables. If you can support your listing price, and believe it will appraise, then you should be in the clear. Of course, the seller can insist on the sale being non contingent on the appraisal.
Buyers will pay a premium for a clean, move in ready house that provides a full disclosure and won't be tied up for months waiting for a short sale answer. The question is, how much of a premium? I think you discuss this with your seller and consider trying something 10% to 15% above the distressed properties.
Make certain your marketing indicates this is a house that is sharp, move in ready, can close in 30 days etc. I wouldn't include any distressed verbiage like "not a short sale,â€ to many buyers skim the remarks and will just see short sale and move on.
All the best,
Coldwell Banker Star Realty
BRE Lic #01456982
Please let me know if you have any other real estate-related questions!
Alex Khalilifard | Realtor - General Contractor
BRE License #: 01937591
Listing and Selling Agent
try to figure the distressed to normal ratio by dividing the normally priced house into the typical distressed property value. Then price your house as the avg distressed property and multiply it by the normal to distressed ratio. In other words, the premium you mentioned in your question, is measurable and you are on the right track.
The appraisal will then be supported by non-distressed sale adjustment.
Thank you in advance.
Beachfront Realty, Inc.
Interesting question. Right now, true, there is less inventory on the market. At about this time last year there was about 20% more homes for sale. That includes SFR and condo's. Sherman Oaks tends to be a market that has a higher percentage of "good" homes. So, I am not sure that I would say there are no standard sales in that area for "good" homes. Most sellers really believe their home is much better than every other home out there.
I also would not agree that it is a "seller's market". Even with inventory down, banks are putting more foreclosures on the market and there are plenty of short sales coming this year. With interest rates at historic lows, I would tell sellers that it is a buyer's market and that they need to price and advertise accordingly. Anyone that pushes the idea that it is a seller's market is just trying to get a listing and are not reflecting reality. We probably won't have a true seller's market for a couple of years at least.
If a house is clean, staged correctly, marketed correctly and priced right, it will bring top dollar. The seller may just have to be a little patient.
DRE #01723594 SFC (Short Sale & Foreclosure Certified)
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