The Difference Between Beach and Land Side Market Performance

by ritasimpson on December 7, 2011

in How's The Market

It is not news that Sellers often believe that their property is worth more than Buyers are willing to concede, but what is interesting is that in this difficult market the distance between Sellers and Buyers has widened. Buyers cautious in view of the incessant swings in the Market, tight loan availability and constant report of sliding prices are adamant that listings are priced too high. Sellers on the other hand believe their properties are worth more than the recommended prices Realtors recommend to get the house sold. That has been creating the impasse that results in longer Days On The Market!

In the Malibu Real Estate Market this has resulted in a doubling of the Days on The Market  and a sharp decrease in the number of properties sold per period with ultimately the unavoidable decrease in the  Price to accomplish the sale! It is of interest to note that THE GAP between Median FOR SALE Price and Median SOLD PRICE narrows significantly for the beach side properties, which could mean that either that those owning properties at the beach have more clout  due either to their own resources or the desirability of their location.

Research conducted by the HomeGain concludes that over 3/4 of Sellers overvalued their Properties

 

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