Are Sellers Finally Pricing Their Homes Right in Beverly Hills?
New homes for sale are coming onto the market at median list prices that are below the existing inventory levels. Could this mean that sellers have become realistic about this real estate market?
The median price of new homes on the market is approximately $350,000 less than the current inventory prices. Nonetheless, the median prices of homes for sale are falling, and since the days on the market are not rising, this price drop probably indicates more serious sellers are in the market.
I believe that sellers are realizing that they need to adjust their listing prices lower if they want to sell. Distressed properties and Short Sales continue to add to the market, and their prices are usually 12-15% lower than fair market value. This might be what is happening so far in 2011.
How can this information benefit you?
Obviously, purchasing a home at lower prices is a great thing for a serious buyer seeking deals in the marketplace. Let’s use this to your advantage, and purchase property at prices unseen in Beverly Hills in quite some time.
If I can be of any assistance to you in buying or selling your home throughout Beverly Hills or Los Angeles, please contact me.
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