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Week of September 4th- September 10th
Property Tips and Tricks
The air up there
This Saturday morning delivered a bit of weather to the Monterey Peninsula, marked by the occasional rumble of thunder. It serves as a gentle reminder that summer is winding down, and the rainy season is just around the corner. While predicting the exact rainfall for this upcoming winter remains challenging, if it resembles the previous winter, we can expect a wet one. Last winter, we not only experienced substantial rainfall but also endured high winds during some storms, with gusts ranging from 50 to 70 MPH. These powerful winds wreaked havoc, causing countless branches to fall and toppled many trees throughout the area. One unfortunate homeowner had a tree crash through, and destroy, their detached garage in downtown Carmel, while another had a tree pierce through their house – truly a frightening experience.
Elevation often brings windier conditions, a phenomenon resulting from reduced ground friction. This factor assumes importance when considering the presence of tall trees on your property. When trees are closely grouped for privacy or aesthetic purposes, their vertical growth can accelerate, potentially compromising their stability. In areas prone to high winds, taller trees become more vulnerable to damage or toppling due to the increased wind speed aloft.
This juncture offers an opportune moment to evaluate the proximity of substantial trees to your home, outbuildings, or landscaped areas. Even seemingly healthy trees can conceal internal rot, rendering them susceptible to breakage. It's vital to remember that regular pruning plays a pivotal role in maintaining tree health, and assessing a tree's age is equally crucial.
The potential consequences of falling trees can be financially burdensome for homeowners. Importantly, if a tree falls without causing structural damage, many insurance policies do not cover the costs associated with simple tree removal. It's wise to consider these factors and take proactive steps to safeguard your property against potential tree-related hazards.
Real Estate News
Winning the price war
When it comes to preparing your home for the market, setting the right price is a pivotal decision. Several factors come into play when determining the optimal list price, including the current market conditions, competition from other listings, the season, your preferred timeline, and your specific goals for the sale. Additionally, the unique characteristics of your property, both objective and subjective, play a significant role in pricing considerations.
Recently, a comprehensive report shed light on the consequences of overpricing a home before listing it. This study, based on an extensive dataset of over 50,000 home sales spanning ten counties in our region over a year, revealed that homes requiring price reductions tend to linger on the market and ultimately sell for considerably less than those priced accurately from the start. Homes that underwent price reductions typically fetched prices per square foot and average sale prices nearly 10% lower than homes initially priced correctly.
Paradoxically, instead of securing a higher sale price, overpricing can have the opposite effect, often deterring potential buyers from making offers on a property they deem significantly overvalued. Many buyers perceive such listings as time-consuming or worry about offending the seller, prompting them to explore more reasonably priced alternatives.
For prospective buyers, it's advisable not to dismiss overpriced listings outright. In fact, I recommend taking a closer look. Overpriced homes can present opportunities for savvy buyers who closely monitor time on the market and price adjustments, enabling them to negotiate more aggressively on both price and terms. Reduced competition from other buyers often accompanies such listings, facilitating favorable purchase negotiations.
If you're a seller, it's essential to collaborate with an agent who not only possesses a deep understanding of the market but also comprehends the unique attributes and value propositions of your property. Ideally, your agent should be capable of enhancing the transaction, including the pricing strategy. Pricing a home is both an art and a science. If you or your agent cannot effectively communicate the value your property offers, beyond its objective features, you might find yourself needing to lower the price unnecessarily. Choose an agent who can artfully navigate the pricing process and maximize the value of your home sale.
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Jonathan Balog
DRE# 01980970
Broker
M: 831.747.0310
[email protected]
Compass is a real estate broker licensed by the State of California operating under multiple entities. License Numbers 01991628, 1527235, 1527365, 1356742, 1443761, 1997075, 1935359, 1961027, 1842987, 1869607, 1866771, 1527205, 1079009, 1272467. All material is intended for informational purposes only and is compiled from sources deemed reliable but is subject to errors, omissions, changes in price, condition, sale, or withdrawal without notice. No statement is made as to the accuracy of any description or measurements (including square footage). This is not intended to solicit property already listed. No financial or legal advice provided. Equal Housing Opportunity. Photos may be virtually staged or digitally enhanced and may not reflect actual property conditions.
OUR WEEKLY UPDATE