The Southern California Real Estate market in 2014 started out slowly, but surprisingly took a huge surge in the late spring and early summer. Buyers were fighting over properties and raising prices in multiple offer situations, going over price as much as 20-30% of asking. Unfortunately, many sellers expected this to continue and were greatly disappointed in the last 30-45 days, when suddenly, prices seemed to take a dip. I personally took a listing in Sierra Madre where the neighbor’s home sold at a shockingly high price. Using that home as a comparable property, my seller and I thought we would get much more money than they eventually did for their home, even though their closing price was very reasonable. The sellers were happy, but we were all shocked that one neighbor’s home in the entire city seemed to get 20% more than nearly everyone else. I attribute this to perfect timing and excellent luck.
As the end of the year approaches, keep in mind that the 4th Quarter and the Holiday Season are still a good time to list and sell a property. The holiday festivities, such as smell of pine wreaths and baked cookies, add great appeal to a home. As a matter of fact, most buyers looking in November and December are quite serious about purchasing. There may be fewer buyers looking at the end of the year, but the dedication of these buyers is often a benefit to a seller.