Timely real estate news…………………………………………………….2 April 2007
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A short story….
Once upon a time, there were many happy people living in a magic land called Southern California. It was a paradise…a land filled with verdant valleys and canyons that stretched from the mountains to the blue waters and white sandy beaches of the Pacific Ocean. The weather was always superlative — it seldom rained and it was never really cold, and even in the worst of times, the people would stand out in the rain just to feel the rare rain drops on their face. The community bonded through its many educational, cultural and industrial enterprises, each world class in every way. It was the idyllic place to live.
Homeowners were even happier when they saw their ‘castles’ appreciate beyond their wildest expectations. For years, eager buyers would be on their doorstop, offering what seemed like outrageous sums to live in this paradise. Sellers were only too happy to accept the money. Because there were so many who wanted to live here, buyers soon learned that offering just what the owner wanted was not enough. Multiple offers above the asking price became a common practice. It was a feeding frenzy not seen before in this land and many thought it would go on forever.
But times changed. The economy slowed down. There were still many more homeowners who wanted to reap these rewards, but soon supply outpaced demand. Homes that were over priced and not presented well languished. Unhappy homeowners were looking out their windows for buyers who never came. Weeks turned into months, and smiles turned into frowns.
What have I done wrong? “Your home is overpriced,” the wise Realtor would say. “But, look! The home down the street sold for so much more than I am asking.” “Yes, it did. But let’s look at the facts; the house was properly priced, in great condition, and in a slightly better location than your home.” “All of those factors have to be taken into consideration”. After months of seeing buyers drive pass their home, the unhappy owner decided to take his home off the market. He/they needed help and called the Realtor who sold the house down the street. Obviously, the owner thought, she would have the answers. And she did. They cleaned up his home so it was presented properly….lowered the price to a more realistic level…and it sold in a short time. It was a happy ending.
It is a story told many times over the past year. And while many longed for the ‘good ol’days’ in paradise, the wise Realtor reminds us daily that these are normal times so it is not a time to panic. Be patient, but be wise, too.
This is not a fairy tale — it happens every day, right here on the Westside.
I believe we still live in a Land of Fairy Tales — where dreams do come true. Our great cultural, educational, and industrial institutions enable each of us to live out our dreams. And once in awhile, if we are lucky, we can walk outside and feel the raindrops.
And as a Realtor, who, incidentally, is really enjoying this market, I like to remember the good old days, too. But these days are good, too…so long as we live in the present and respond to the market in a realistic way.
Have a wonderful Easter!
