Now that summer is coming to a close, and kids are back to school, the serious home buyers enter the market causing an uptick in pending home sales. As competition among buyers rises, those seeking a competitive edge are pulling out all the stops to locate bargains.
Though supply and demand appear to be balanced for a brief moment, finding pre-market listing is still a priority for buyers. But a recent study shows that how buyers go about finding so called “pocket listings” ultimately determines their success. A snapshot of the market revealed that only 20% of closed sales were made when buyers went directly to the listing agent... the other 80% had a Realtor presenting their offer.
Seasonally, we see an increase in the inventory of homes for sale in mid-late June with listing prices significantly higher than other times of the year. The long, lazy summer months afford both sellers and buyers more time to get the deal that best suites their needs. But as we head into August, time is of the essence which is reflected in both pending sales and listing prices.
The month of August brought about a flurry of activity in the local market, with 11 homes under contract since the beginning of August. Ranging in price from $799,000 - $1.629M, this is typically the final push for higher listing prices toward the end of the summer selling season.
New listing inventory is closely pacing that of pending sales activity with 10 new listings being added to the market in Seal Beach. Ranging in price from $769,000 - $1.398M, prices seemed to have leveled out as sellers sought to reach serious buyers as the summer sales season nears a close.
Most notable are the three “coming soon” home listings located in Old Town & The Hill. Two of which are considered fixer uppers and one a roomy beach cottage. Ranging in price from $850,000 - $998,000 they are sure to attract a lot of attention from serious buyers.
Pre-market listings such as these are a hot topic among investors and buyers alike who prefer not to get involved in bidding contests against others. Local real estate professionals keep a short list of preferred clients and serious buyers on speed dial as these kind of listings become available.
Those searching for a competitive advantage will be excited to learn about this strategy. One local company has already addressed this issue by launching the website, www.PreMarketSealBeach.com. Working with a limited number of clients, they have created a concierge style experience for what they describe as “VIP Buyers” (clients working with them on an exclusive basis).