Sold from 'Hold'

By Dave Fratello | April 21st, 2020

It's tough to show houses now.

It's tough to sell houses now.

But one recent listing has made a deal in a manner that might be a sign of the times.

606 N Ardmore Avenue Manhattan Beach CAThe "statement" modern home at 606 N. Ardmore (3br/3ba, 3320 sqft.) in the Hill Section near town first appeared on the market on March 30.

That was already more than 2 weeks into the current "safer at home" period, in which most people are staying in their homes, not going to look at others.

606 N Ardmore Avenue Manhattan Beach CAAnd indeed, after about 10 days of market exposure, this listing became one of the couple dozen to switch from an "active" status on the MLS to a "hold" status. It may have appeared to be a surrender to the reality that the market's not moving too much right now.

While on "hold," homes do not display on websites and they do not accrue Days on Market.

Still, having been exposed for a spell, the home was obviously known to some home buyers and to agents.

606 N Ardmore Avenue Manhattan Beach CAHere we are another 10 days later, and the home is back live on the MLS, but now showing that it's pending/in escrow.

The start price, $3.300M, has been replaced by a new price while in escrow, $2.990M.

Read between the lines, and it would appear they found a buyer and solidified a deal during some of that time on hold.

It's something of a hopeful sign. There are buyers out there with some savvy to scrutinize sorta-off-market listings.

And it suggests that there could be a marketing strategy for a home in this restrictive environment: Post it to the MLS for a while, then park it away on hold, and you may still be able to find a buyer. Meantime, while on hold, you don't have to worry about compiling a big chunk of Days on Market. Buyers tend to associate a high DOM count with a troubled listing, thinking they can get a steal.

We're not saying there's no "steal" here. After all, the price has been reduced 10% on a listing that technically has only 11 Days on Market.

But it's the first case we've seen of one of those many listings on hold coming back (and soon) showing that they have a deal.

Who's next?

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