By Kay Wilson-Bolton
January 30, 2000
President, Ventura County Coastal Assn of REALTORS®
This year of 2000 is being touted by the California Association of REALTORS® to be another banner year for California home owners. Single-family homes are expected to increase five percent statewide. Ventura County is likely to experience all of that. It is now in the top 20 priciest areas of the nation, with San Francisco being the first. This will make 2000 the second strongest year in California housing sales in over 30 years.
The jury is still out as to how and when the SOAR initiative will impact home prices and economic health in Ventura County. There is a fair amount of new construction projects, which set the standards for home prices.
Pricing a home is always the critical decision for the homeowner. One misconception is that sale prices may be based on what other property owners are asking for their homes.
It is true that other sellers are the competition but if they are optimistically priced, they force the sale of the priced-right home first.
The only true benchmark for a “fair” price is those sales, which have already taken place, or “closed”. Very often, people will call real estate offices asking for the sale price of a home that is in escrow.
REALTORS® are unable to provide that information for a couple of reasons: One reason is that we don’t know the accepted price until the close of escrow because sale prices are not published until then.
Another reason is that we are not allowed to reveal pending prices. In the event a home falls out of escrow and is placed back into Multiple Listing, the accepted price would become the “new price”, even though the owner may be asking more. Such knowledge jeopardizes the seller’s ability to obtain their asking price.
When selling your home, beware of using faulty comparables to arrive at your asking price. Ask your REALTOR® to provide up-to-date sales information.
Our database includes properties sold through our Multiple Listing Service in the communities of Camarillo, Ventura, Oxnard, Santa Paula, Fillmore, Piru and neighboring communities. Many of our members also belong to Multiple Listing Services in Ojai and Southland areas.
Pricing your home based solely on competition can lead to a lengthy wait for the next buyer.
When buying or selling your next home, choose a REALTOR® . There is a difference and you can benefit. For more information, contact Bob Seitz, CEO, Ventura County Coastal Assn of REALTORS® at 981.2100. Our website is http://www.vc-realtors.com