After more than a year of every market price listing getting swamped with offers on day 1, there’s something else different about the market: very few overpriced listings.
Even in a rising market it was normal to have a large number of unrealistic listings that sat on the market because they were overpriced by 10-25%. This could be about 20% of inventory here on the peninsula where every sfh and lot is unique so harder to price than tract home areas. Even in tract areas, however, they were quite common, especially at the higher end.
These types of listings tended to go on and off MLS and represented a type of shadow inventory. They were ready to sell the moment prices rose enough, or else a buyer was found willing to pay above market for the unique property that fit him just right.
One more thought. Many of the overpriced listings are fishing expectations. If a house is worth 1 million they want 1.2 and once it’s worth 1.2 they want 1.4. When prices are rising rapidly the fishers naturally wait for the market to settle before casting a line. It has no connection to being an indicator of a bullish market. It’s just the wonky small segment of odd people doing what they do
Like that one guy in La Costa Heights with the big lot who lists his house once a year or so? LOL I’m surprised not to have seen it listed for $6 mil recently.
Like that one guy in La Costa Heights with the big lot who lists his house once a year or so? LOL I’m surprised not to have seen it listed for $6 mil recently.
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