Sellers in the current housing landscape often have the
luxury of listing their homes “as is” without fixing it up or with only minimal
window-dressing since demand for homes has been high and inventory low. It’s
common for sellers to receive multiple bids, and in the hottest markets, sell
for over asking price.
An inventive idea is just the jolt needed for a seller’s
market rapidly rushing toward an era of opportunity seemingly unimaginable only
20 years ago. And these days, the seller’s spot is hot, especially at home in
California where the market is also experiencing billowing levels of
appreciation. According to CoreLogic President and CEO, Anand Nallathambi,
“Home prices are continuing to soar across much of the U.S. led by major metro
areas such as Boston, Los Angeles, Miami, and Denver.” Needless to say,
competition in a sea of hopeful buyers remains nothing short of titanic. From
the watchtower, Housingwire.com points to the Federal Housing Administration’s
move to “increase conforming loan limits for 2017” as a smoke signal revealing
that “the market already hit pre-recession levels”. Hopefully, this domestic
buyer’s boost steadies the tide because international buyers are riding the
next wave, drawn to shore by innovative selling tactics.
With this flow of new trends, buyers abroad are crashing into (home) shore on a breaker that makes surfing the luxury market feasible without ever dipping toes into U.S. sand. Agents intent on riding the raids are beginning to get very creative. According to Bloomberg.com, Jack Ryan, founder of surging online brokerage, REX, decided "to turn to virtual reality to sell a $57.5 million home in Malibu, California "by offering the client a view of the home as though they were really there by looking through a piece strapped to their head." And virtual reality is just one wave in a seller's expanse, changing the way homes are being sold. Beyond the horizon of luxury homes speckling shores like Malibu remains the steady uprise of prices "fueled by a potent cocktail of high demand, low inventories, and historically low interest rate," as reported by CoreLogic. So it seems it is high time to jump on board and coast the crest of the latest breaks.
Post courtesy of JMJ Financial Group
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