Sellers in the current housing landscape often have the luxury of listing their homes “as is” without fixing it up or with only minimal window-dressing since demand for homes has been high and inventory low. It’s common for sellers to receive multiple bids, and in the hottest markets, sell for over asking price.
An inventive idea is just the jolt needed for a seller’s market rapidly rushing toward an era of opportunity seemingly unimaginable only 20 years ago. And these days, the seller’s spot is hot, especially at home in California where the market is also experiencing billowing levels of appreciation. According to CoreLogic President and CEO Anand Nallathambi, “Home prices are continuing to soar across much of the U.S. led by major metro areas such as Boston, Los Angeles, Miami, and Denver.” Needless to say, competition in a sea of hopeful buyers remains nothing short of titanic. From the watchtower, Housingwire.com points to the Federal Housing Administration’s move to “increase conforming loan limits for 2017” as a smoke signal revealing that “the market already hit pre-recession levels.” Hopefully, this domestic buyer’s boost steadies the tide because international buyers are riding the next wave, drawn to shore by innovative selling tactics.
With this flow of new trends, buyers abroad are crashing into homeshore on a breaker that makes surfing the luxury market feasible without ever dipping toes into U.S. sand. Agents intent on riding the rapids are beginning to get very creative. According to Bloomberg.com, Jack Ryan, founder of surging online brokerage REX, decided to “turn to virtual reality to sell a $57.5 million home in Malibu, California” by offering the client a view of the home “as though they were really there by looking through a piece strapped to their head.” And virtual reality is just one wave in a seller’s expanse, changing the way homes are being sold. Beyond the horizon of luxury homes speckling shores like Malibu remains the steady uprise of prices “fueled by a potent cocktail of high demand, low inventories, and historically low interest rates,” as reported by CoreLogic.
Times are indeed changing! With over 10 years of experience in the Southern California home lending market, I’d be happy to talk about how these changes in home selling and buying might affect you.