Homes Sell When the Price Is Right

I read with great interest (since I am a real estate Broker in the West Valley) the article in the Valley Business section on Oct. 5 by Don Lee (called) “No Recovery in Sight for Valley Housing Dip.” Mr. Lee states that home prices are being driven down by all the bank foreclosures hitting the market. He also speaks of 15 months of inventory listed with the Multiple Listing Service. Is it the banks that are driving prices down, or are they pricing houses so they will sell in today’s market?

Could it be that home sellers in the San Fernando Valley are not realistically pricing their properties to sell in today’s market? Could it be that some Realtors are taking listings for much more than they will ever sell for? Hopefully, they are not misleading sellers who really need to sell.

When I go on many listing appointments, sellers tell me, “I am not going to give away my home.” If you have to, or really want to sell your property, is pricing it so it will sell on today’s market “giving it away?” It seems a majority of sellers think so, a fifteen-month inventory of them at least.

Don’t blame it on the banks for finally becoming realistic. Blame it on people who look at whatever they own as better than the rest. Blame it on those that want to buy now because prices have dropped so much, but think their property has appreciated. Yes, I understand that some bought when the market was high and owe more than the property is worth and are just trying to get out. My heart goes out to them.

Mr. Lee mentions a Mr. Wong who paid $219,000 in 1988, and thinks his house is worth $250,000 now, so he can buy a bigger house now. If his property’s value went up that much, how come nobody else’s did? He’s lucky at that price that people trampled on his carpet, and those insulting offers probably wouldn’t have been so insulting if his house had depreciated with the rest of ours.

When will our real estate market come back? When prices for houses come in line with those for the rest of the country. Houses will sell when they are priced in accordance with today’s market, not by what the seller needs to get. Houses are selling, generally, in a couple of weeks, if they are priced right. The rest don’t sell until priced right, or ever. Sell the house for more than the market and see if the appraiser will give this lucky buyer a loan. Good luck.

We must all take a good look at what’s going on because things won’t change till we do.

SCOTT ROBINSTON

Woodland Hills

Associate Broker,

White House Properties