Real Estate March 13, 2012

Too good to be true

More often than ever there are properties being listed in and around Santa Barbaraat asking prices that look too good to be true. This is due to the increased number of sellers competing to have the best priced property and fastest sale. Add to this the out of area appraisers and agents that many of the banks hire (inexpensively) to price and sell their REO properties. A dollar saved is a dollar earned, right? Well, not usually for a seller of real estate that’s in high demand. Fortunately for many sellers the increasingly competitive market will help lessened the effects of their mistakes.

If it looks too good to be true it probably is. Many buyers are being lured by the prices some sellers initially advertise, only to be disappointed by losing out in the increasingly common multiple offer situations. Just last week a newly listed bank owned property in Goleta drew 17 offers. It’s important under such circumstances for a buyer to accurately evaluate the true market value of the property and place their bid accordingly. Similarly when offering on a property that’s over priced it’s critical to have an idea of its true market value.

Sometimes the only thing standing between a buyer and a property they really like is a seller’s asking price. I appreciate the opportunity to assist in such situations.