Inventory continues to increase. For the first 19 days of April, we’ve had a total of 742 residential homes go on the market (575 new listings, 167 back on market) and 342 Pending Sales. That’s a net increase of +400 for the entire Central Coast.
Just putting a home on the MLS and waiting for an offer isn’t going to cut it anymore. Another change is the impact of the Internet. The latest Buyer survey reports that 80% of Buyers who purchased in 2005 used the Internet. A GREAT marketing program that includes a strong Internet component is now a necessity if you want your home to stand out from the crowd that’s forming.
If you have a home on the market and aren’t getting many showings or offers, is it because your price is too high or is it because your home hasn’t had good exposure? That’s the question you need to ask before you agree to a price reduction. If a home is marketed the same way as it was in 2004, chances are that it receives LESS exposure in today’s marketplace than it would have in 2004.