San Diego luxury homes: despite gains, smart sellers should remain realistic
By Patricia Kramer and Patricia Lou Martin
are enjoying new price gains this summer, according to a recent article from the
- Earlier this month, the U-T reported that prices for million-dollar properties in California are at a five-year high, while the
in San Diego is currently at its highest in four years. While these numbers spell good news for sellers throughout San Diego and also for the market in general, it is important to remember the key to successful sales in a rising market. For luxury home sellers looking to capitalize on improving value and buyer competition, realistic pricing can be the best way to attract serious buyers and secure a good value.
According to the latest reports from San Diego-based DataQuick, improvements in the luxury market are due to moderate price appreciation and overall economic gains. As for the general market, the DataQuick reports states that “greater demand, partially triggered by historically low mortgage rates, and a thinner inventory of homes for sale” are behind recent advances in median home prices. Given these statistics, some sellers – especially those looking to put high-end homes on the market – may be tempted to increase their asking prices, or to anticipate a rush of initial offers on their property. However, the reality is that, in most cases, luxury home prices are advancing at a very modest pace. While sellers should feel optimistic in today’s real estate climate, they should also remember to take each month’s market news in stride – and to set realistic pricing goals for the best possible results.
Expert market advice from the local experts at Kramer & Martin Real Estate
Setting high prices may seem like a quick route to real estate profit; but the reality is, the higher your initial asking price rises beyond realistic market value, the more likely you are to suffer setbacks in the form of price reductions and delayed sales. In today’s changing market, it pays to consult an experienced real estate agent for insight into the local climate: from La Jolla and Carlsbad to Rancho Santa Fe and
experts with targeted expertise can provide valuable counsel to home sellers looking to start out with the right prices and succeed in selling their homes.
To learn more about selling luxury homes in San Diego, or to schedule a consultation, contact us at