Welcome back from Spring Break. Whether you basked in the sun in Hawaii, skied in Tahoe, built houses in Mexico with Piedmont's high school students, or stayed close to home as I did, Piedmont is officially bursting with listing activity and the available home offerings keep on growing! That's great news for interested Buyers. Piedmont now has 25 active listings with the average list price reported at $1,933,960 and average days on market (DOM) hovering at 47 days.
The DOM number may sound high, given past years' performances, but it doesn't represent the full picture. The home at 220 Scenic Avenue sold in eight days in this year's Spring Market, while 320 Sea View has clocked in more than 170 days and counting.
Why? The view home on Scenic Avenue finally found the price the market was willing to absorb, while the Mediterranean home on Sea View has not. In short, Scenic found its true value and the market responded quickly with multiple offers. I suspect that when the home on Sea View offers perceived value, the market will follow suit.
Price a home too high and you will be working against your own best outcome.
That's hard to hear and even harder to explain to eager Sellers who really "want what they want" or really "want what they need."
TRUTH - The market doesn't care what you want or what you need.
Often when Sellers hold out for more, they receive less. The longer a house sits on the market, the larger the discount the Buyers will come to expect. Your first offer is often your most motivated Buyer!
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Julie Gardner, has been writing The Perspective for 18 years and has published more than 670 essays on life and real estate.