Tuesday, January 10, 2006

Changing CA Market?

With the media virtually convinced of the doom of an impending real estate bubble, make sure that you get the facts.

We have a listing in San Pedro, CA, and we received an offer on it that was dramatically less than our asking price. The justification from the agent was, "because the market has gone down so much."

In preparing our counter offer, we included recent sales data. That data showed that, in fact, the San Pedro market has increased by 21% in the last year, and by 6% in the last 3 months. So, our property should not sell for less than the similar unit in the same complex that sold 6 months ago.

Whether you're a buyer, a seller, or an agent, make sure you're looking at accurate data and making your own conclusions, not simply believing hype from someone in the media industry trying to meet a deadline.

1 comment:

Margaret Rome said...

Good information. Thanks for sharing.
Margaret Rome