Homes Are Selling If The Price Is Right.

By Joel Persinger
YouRealEstateDude.com

Some years back there was a popular TV game show called, “The Price is Right.” It had nothing to do with real estate, but the name of the show has a ring to it when you think about today’s real estate market. Not long ago homes were sitting on the market for months and months without being sold. That is no longer the case in the San Diego marketplace. If the price is right, as the old TV show title goes, the house will sell and sell quickly!

My office has been busy with buyers lately. Every one of my agents who are working with buyers has had the same experience. We have all selected 5 or 6 homes to show our buyers on any given day, only to find out that all but one or two have multiple offers on them before we even get our buyers in the car. In order to find five houses that our buyers may have a chance of buying, we often have to research around twenty homes. Prices are at rock bottom and interest rates are low, so there is a lot of competition out there. That means that buyers have to be ready to compete for the available homes even in a “depressed” real estate market.

Nevertheless, some houses are still not selling. Some sellers are still hoping to squeeze every cent out of the sale. As a result, they price their homes too high and they sit unsold. The message here is simple. If the price is right the house will sell. Therefore, if the house isn’t selling, then the price isn’t right. There is one additional piece to this puzzle. If the price is right, there will be multiple offers on the house. So, if you have only one offer or you have offers that come in slowly and one at a time, then the price isn’t right. Lower it and the number and frequency of offers will increase. This is important because many of the buyers currently making offers on houses are flakey. Just like a mist, they are here one second and gone the next. Having multiple buyers to buy your house will increase your chances of finding a real buyer among all the flakes.

So, if you’re buying, you should prepare yourself for some competition. If you're selling, think about that old game show and make sure the price is right.