“I’ve noticed that some houses in the neighborhood are selling right away for over asking, while other houses that seem just as nice are sitting. Why is this happening?”
During the pandemic, the buyer demand was so high that a seller could practically just post a sign in their yard and receive multiple offers, regardless of how the home was presented or priced. Most buyers wanted to get into a home so badly, that they were willing to overlook common flaws or compromises. While the demand for our Greater Los Angeles communities is still high today, buyers have gotten over their fear of missing out and are now willing to be patient and wait for the right house. Once they find it, they may offer quickly and bid high, but they aren’t going to move with any kind of urgency unless they are worried about losing the opportunity to another buyer. This makes strategic pricing especially important, as sellers need to understand specific features that can affect the overall value of a property when determining their list price.
In highly desirable neighborhoods like La Canada Flintridge, as the list price of a home goes up, features that wouldn’t matter for first time homeowners become that much more important. Take for example the size and configuration of the yard. If your home is 3,000 sq ft or larger, it is likely that your buyer may be trading up from their starter home. They are moving specifically because they lack something in their current home, and that applies as much to the outdoor living areas as the indoor. Something as simple as the yard being larger on the side than in the back can affect the home’s value. How private is the lot? Buyers often want a pool, but they don’t want to sacrifice all their outdoor yard space to accommodate one. How deep is the setback of the house on the lot? Most buyers want a large backyard, but they don’t want their front door right at the street in order to achieve that. The location of the access to the yard from the house is also important, as many buyers envision themselves moving to the main outdoor space directly from their family room or kitchen. The ideal lot gives a buyer privacy from their neighbors and the street, low maintenance but mature landscaping in all areas (without sacrificing trees and greenery), and multiple defined outdoor areas for different uses. Homes may feature areas for a pool or water element, an outdoor kitchen and dining area, a firepit, and a flat grassy or landscaped portion for pets and children. Houses that are missing a key element of a typical buyers’ wish list will likely take a bit longer to sell. In this market, every aspect of the property matters, so make sure you carefully discuss the best pricing strategy for your home with your Realtor before listing.
Kari Carson
DRE #01903828
(818) 424-5537
Neighborhoods Served: La Canada Flintridge, La Crescenta, Montrose, Glendale, Pasadena, Eagle Rock, Highland Park, Greater LA area