With the internet and social media becoming an ever larger presence in real estate, it seems critical that home sellers would use agents that know how to reach those buyers and specialize in marketing homes online. Strangely enough that’s often not the case and many Manhattan Beach home sellers work with agents that no little, to nothing, about the power of online marketing. The local audience and MLS are obviously great ways to market a home, but to reach national and international buyers, it takes a bit more effort and a great deal of expertise. The difference can mean significant amount of interest and that can lead to a significant amount of money. Before sellers hire a realtor they should make sure that they know the intricacies of the local market, are well connected, and have a top notch marketing strategy that not only uses, but embraces technology.
By Keith Kyle
Every Monday I get together with some other agents and discuss the latest happenings in real estate and each week the news seems to become more discouraging for home buyers in Manhattan Beach. Homes are selling well over asking, almost all sales involve multiple offers, often buyers are competing with all cash buyers or with builders, and not much that’s remotely priced close to market value lasts longer than a few days.
So how is a “regular” home buyer supposed to compete in this high end market.
The answer, unfortunately, is that until a significant increase in inventory starts to lessen the demand, a regular buyer with conventional financing just may have to wait it out. What’s driving this is clear….absolutely record low inventory. As of this article there are only 37 active homes for sale in Manhattan Beach. Contrast that with the near peak of 284 homes for sale in February of 2009 and it’s not hard to see why each and every new listing is receiving so much interest. The chart below shows the active homes for sale in Manhattan Beach over the last 5 years and at this point…nobody is selling.
Why sellers aren’t listing their home in this market is an entirely different issue as everything from prices, to demand to terms, to interest rates favor them but that doesn’t seem to be making a difference.