Gerstle Park Market Update August 2011

 

 

 

111

 

August is typically a slower month for real estate activity, but this August, Gerstle Park has seen a fair amount of market activity.  During the first few weeks of the month, there have been two new recorded sales of homes, three new listings and four homes whose owners have accepted offers and are successfully moving through the escrow process with the buyers (some newly listed, and others finally in contract when the sellers have reduced the asking price to the “correct” price).  One interesting example is the house at 300 Clorinda Avenue.  It was previously listed in April for $699,950 and withdrawn from the market in July.  The house was re-listed at the beginning of August for $637,000 and an offer was accepted fairly soon after that. (For full data, please see the attached report).

In the past year, the average price of homes that have sold in San Rafael has gone down slightly while the average price of homes listed for sale has gone up (interesting, huh?).  And at the same time, the number of homes listed for sale has decreased.  There are fewer homes on the market and the average of San Rafael homes sold for 96-97% of their final list price.  You are probably asking, what does this mean for the value of my home?  Your home value is directly impacted by the current list price and final sales prices of other homes in your neighborhood.  So, if you are thinking about selling your home - it is always best to get your house priced correctly from the start!  When a property has been sitting on the market for an extended period of time, Buyers are more inclined to write offers significantly below market; or perhaps, not write an offer at all.  Other times, Buyers will watch and wait for a price reduction, and then write offers below the new, reduced price.  This is a good opportunity for the Buyer, but not so great for the Seller.  Proper preparations and pricing from the beginning is the key to maximizing your home’s sale price.

 

117 Days on Market v. Sale Price/List Price

 

 

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