Menifee Real Estate is a Banker's Market
Stefan West, a broker with Diversified Realty, and a blogger on our real estate companion blog, posted an interesting piece about the state ...
http://www.menifee247.com/2008/06/menifee-real-estate-is-bankers-market.htm
Stefan West, a broker with Diversified Realty, and a blogger on our real estate companion blog, posted an interesting piece about the state of Menifee's real estate market...
Read the rest of Stefan's article here...
http://homes.menifee247.com/2008/06/menifee-real-esate-is-not-buyers-market.html
Pricing is artificially low - Banks have changed from an incremental, "lower the price until it sells", to an immediate "price it cheap and get multiple offers" strategy. This is painful because it creates a false sense of the real value of properties on the market. How do I explain to a buyer that the incredible pool home at $350,000 already has 7 offers on it and is really going for around $400,000?Banks have been able to hog up all the buyers by setting their home prices exceptionally low. That puts the rest of the home sellers in a really tough spot.
Read the rest of Stefan's article here...
http://homes.menifee247.com/2008/06/menifee-real-esate-is-not-buyers-market.html
I work in Menifee- New Home Sales. I deal with this all of the time. A home will be listed 100k lower than what other comparables are selling for. It absolutely gives a false sense of the true market value. I have buyers walk in to my office all the time saying they put in an offer that was not accepted. It is very hard to sell the benifits of a new home when someone just made an offer on a home priced at 190k and I am trying to sell the same model for 310k. Even though their offer was not accepted they obviously are not shopping in the real price range of the neighborhood.
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