Market Activity in Gerstle Park 11/11
The last several weeks have shown signs of slowing market activity in Gerstle Park. Several new homes have come onto the market, no home sale transactions have been completed and only one home has gone into contract during this time period, the house at 109 Clorinda. This home is in need of some repair and is also a short sale has been on the market for more than six months with a list price of $420,000. A short sale is a home with a listing price that falls short of the money the seller owes on the property. To sell their home, the owner and the buyer must get their purchase contract approved by the bank.
We’ve been wondering why some of the lovely homes that are on the market in Gerstle Park are still available. Interest rates remain at record low rates and job growth in the Bay Area seems stronger than in many other parts of the country. Where are the buyers? Why aren’t we seeing more homes being sold in the neighborhood?
When a home is not selling, it often is because the home is not correctly positioned in the market—most likely, its pricing is not correct. Or perhaps it doesn’t show well. It may not have a comprehensive marketing plan designed to get maximum exposure for your home. In most cases, we find that the incorrect price is often the factor. Over time, when homes have been on the market for several months, buyers have a tendency to present really low offers on a property.
If you are considering selling your home, you must be wondering how you might fare in this market. The answer can be quite well. In order to be on the positive side of this, you must be willing to price your home in accordance with the market. You will also need to be sure your home looks is presented with its best foot forward and represented by agents who will execute a comprehensive marketing plan to give your house maximum exposure.
If you have questions about any of the homes on the market feel free to give us a call.