Consider this: The average sale price of a single-family home in La Jolla increased over 20% from March 2013 to March 2014. Inventory is perpetually limited in this upscale enclave, and many folks with deep pockets have La Jolla on their short list of places to relocate or to invest in real estate.
Therefore, a home in La Jolla that is in good condition, shows well, and is priced right should not stay on the market long. If your La Jolla home has been for sale longer than this with no meaningful offers, you might have what is known as a “stale listing,” in which case there are several steps you can take to drum up interest and get your home sold.
Reevaluate Your Home’s Selling Status
A stale listing is a listing that has been on the market for a long time without receiving any reasonable offers. In a hot market like La Jolla, “a long time” may hold different definitions depending upon the property type, location and price range. The worst thing about stale listings is that they are self-perpetuating. Buyers and buyers’ agents notice that a home has been listed for an unusually long time and they immediately throw their guard up and assume something must be wrong with it. So it is important to stay on top of the progression of your sale and reevaluate as necessary.
Why Is Your Home Sitting on the Market?
Problems with the home: If there are maintenance issues or repairs that need to be made to your home, this will immediately whittle down your list of prospective buyers. Most buyers in a pristine community like La Jolla are not looking for a handyman’s special; they want something that is move-in ready and that they can enjoy from day one. If your home has needed repairs, consider taking it off the market, making these repairs, then re-listing it.
Unreasonable price: Buyers in La Jolla are willing to spend money on a home, but they’re also savvy investors. If your home is priced higher than comparable homes, it probably won’t generate much interest. Look at similar homes in your area that are currently listed and especially the ones that have sold recently. This will help you set a competitive price. A knowledgeable agent can help you with this, which brings me to my next point.
The wrong agent: Your real estate agent should be a veritable expert on properties in your area. He or she also should be technologically savvy and utilize every avenue for marketing your property. Does your agent have a state-of-the-art website that is easy to navigate? If not, you are missing out on many potential buyers, since most people nowadays start their home search online.
Putting it all together:
If your La Jolla home has been sitting on the market with no offers, it’s time to find where the problem lies. Assess your home itself, your listing price compared to recent sales of similar homes, and what your agent is doing for you. Make changes where changes need to be made and the offers will come quickly.
For more information about selling your La Jolla home or property, please don’t hesitate to contact us today!