Did you have a chance to look at Pacific Union’s 3rd Quarter Market Report? The data supports what we have been blogging! Only now, we have information specific to Real Estate in Lafayette CA, too
Listing Price Remains Critical for Homes for Sale in Lafayette
Initial listing price continues to be the critical factor in Lafayette real estate transaction success. Realistic sellers win. The cost of overpricing at the start is really detrimental to the overall success at achieving top dollar for your property. Overpricing leads to lost ground on return that’s very hard – if not impossible – to recover with a later price decrease.
You can see this clearly spelled out in the 3rd Quarter Statistics, not only in our market, but in neighboring ones too.
Last week, Montclair-based PUI agent Pam Hoffman, wrote about market conditions in Alameda County in the PUI Blog. Here’s the line that really stood out to me because it was similar to Lafayette real estate market conditions: “Homes that sold in the first 30 days on the market sold on average for 98% of their original listing price. Pricing decisions in this market are paramount to achieving a timely sale and maximizing sellers’ proceeds.”
I would add, though, a word of caution. Many sellers are telling me that they’re holding off until Spring. To me, this could be a costly decision.
Lafayette Real Estate Outlook for Spring 2012
We see no indicators that the real estate market in Lafayette will drastically change in the near future. In fact, by Spring, more homes will most likely be on the market because of the usual seasonal inventory uptick as well as these delayed listings.
Higher inventory typically means more competition, which leads to downward pricing pressure!We are busy implementing our market strategy for the 4th quarter.
Call me at 925-339-1918 to begin the sales process today!