What an absolutely stunning April day! It’s a sunny 67 degrees and I am hosting back-to-back open houses today for two of my new listings. After only two hours, I have already received one full price offer for my first listing and a second one is moments away. I also just received an offer for my second listing, and that open house hasn’t even started yet! It doesn’t get much better than that in the real estate business.
Now, why am I telling you this? Is it because I want to brag and rock Facebook while using words like amazing, awesome, and #hashtag something? No, while lots of agents do that, it has never been my bag. My boys would totally call me ancient for saying “not my bag” BTW. When I write Facebook posts or client letters, I want them to provide useful information or market my clients’ properties, not feed my ego.
The reason I am sharing this news with you is because hosting open houses is a great way to learn about the marketplace by actually talking to active buyers and sellers. Sure I can quote Zillow or Redfin projections (often wrong), but nothing beats actual feet on the ground. The activity I have seen shows that we are shifting into high gear and moving toward more of a buyer’s market, especially for the larger homes.
Inventory is climbing and although I am receiving offers on upgraded and turnkey properties, open houses have not been particularly busy. While fewer people are attending, the buyers who show up are focused, qualified, and ready to buy. They are just VERY picky and go after only the most well-presented properties. Areas such as Wildomar, Menifee, and Winchester are also seeing more interest as buyers expand their search radius in hopes of getting a bit more for their money.
Along with increasing sales prices, we are starting to see property appraisal values coming in short. I have two wonderful couples who have been recently impacted by appraisals coming in significantly under the agreed upon sales price. Although I fought the appraisals with in-depth rebuttals, the appraisers wouldn’t budge. While buyers are willing to pay more for the best homes, they can’t get loans with low appraisal values, leading to a great deal of frustration for buyers, sellers, and agents alike.
Stefan West, aka Mr. Murrieta.