Million Dollar Home Market…No Demand

The Million Dollar home market in SLO County continues to be slow…I mean REAL slow. I picked up a copy of the San Jose Mercury News when I was traveling through the Bay Area earlier this week and they had an article about the Million Dollar home market starting to pick up, but that’s not the case here on the Central Coast.

There were a total of FOUR homes that sold in May over 1 Million with one of those being a REO. The homes sold in Templeton, Arroyo Grande, San Luis Obispo, and Pismo Beach.

The Pismo Beach home was the REO. It had been on the market for $3 Million before the foreclosure. Then went back on the market at $1.8 Million after the bank owned it and went close to asking price. Is this the type of price correction neeeded in the high-end to get this market moving again??

There are currently 350 Million Dollar plus homes on the market. This means we have over SEVEN YEARS of inventory.

If you’ve had your home on the market for awhile, maybe it’s time to take a breather. Cancel your listing and wait at least 61 days so the Days on Market will be cleared so when you relist, you start out the Days on Market from one again. While you’re waiting, interview other Realtors to see what they would do to try to sell your home. If you’ve had your home on the market for awhile, you’ve probably have noticed that little to no marketing is going on with your home after it’s been on the market for 30+ days. So, taking it off the market, waiting the 61 days, then relisting with someone that can generate some excitement when your home goes back on the market may be your best bet. Having your home sit with a high Days on Market and little-to-no marketing going on isn’t going to help it sell with so many other homes on the market.

If you’re currently under contract with a Realtor/Brokerage, you can still contact other Realtors to get their opinions as long as you initiate the contact. Some may not want to talk to you while you’re still under contract with another Brokerage though.