October 2013 Portola Hills Real Estate Recap

It's getting cooler outside, there is a slight chill in the air, is it the same for Potola Hills Real Estate?  The summer rush certainly has slowed, with homes staying on the market a bit longer then they did in the summer months, but I don't believe that is a real reflection of a cooling market.

Did the government slow down effect sales, possibly, certainly took longer to get details processed but I didn't see it affecting buyer motivation.  Traditionally sales tend to slow in October, kids are back in school, people want to be settled for the holidays seems to be more of the case.

However in my experience this is the perfect reason to list now as inventory typically drops off. For us in Orange County, the inventory is still incredibly low, homes priced right will bring out the serious buyers who want to be in their new home before the holidays, allowing move up buyers to do the same!!

Below is snapshot of what sales closed in Portola Hills for October!

When I analyze these numbers I see they are consistent with the overall market in the surrounding area. However, I do question when I am working with sellers on listing their home if these these numbers can be sku'd in anyway.  Because when you see a home sold in 0 days with a 20% increase in sales price over list price you have to question was this home listed low as a marketing strategy or possibly a need due to timing. It truly could be either, we don't know unless we tend to see a pattern.

If you are considering listing your home three questions I suggest asking the agents you are interviewing details about their overall listing strategy.

  • Can you list at market value and still get your home sold above or is it necessary to list low to get multiple offers?
  • What is their average days on the market on their closed sales?
  • What is their average list prince vs. sales price, compared to days on the market?

In today's low inventory market I don't believe you need to list low to bring buyers in.  However that decision certainly is the homeowners.

If you are considering a move and would like an in-depth look at the market to determine a pricing strategy that brings you top dollar, don't hesitate to contact Kelly Turbeville for a complimentary review!!


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