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.
The "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…
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.
The "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.
And 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.
Here 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The start price, $3.300M, has been replaced by a new price while in escrow, $2.990M.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?
Please see our blog disclaimer.
Listings presented above are supplied via the MLS and are brokered by a variety of agents and firms, not Dave Fratello or Edge Real Estate Agency, unless so stated with the listing. Images and links to properties above lead to a full MLS display of information, including home details, lot size, all photos, and listing broker and agent information and contact information.
Based on information from California Regional Multiple Listing Service, Inc. as of March 18th, 2024 at 11:25pm PDT. This information is for your personal, non-commercial use and may not be used for any purpose other than to identify prospective properties you may be interested in purchasing. Display of MLS data is usually deemed reliable but is NOT guaranteed accurate by the MLS. Buyers are responsible for verifying the accuracy of all information and should investigate the data themselves or retain appropriate professionals. Information from sources other than the Listing Agent may have been included in the MLS data. Unless otherwise specified in writing, Broker/Agent has not and will not verify any information obtained from other sources. The Broker/Agent providing the information contained herein may or may not have been the Listing and/or Selling Agent.