Everyone seems to want a deal in this real estate market and finding a home that is priced below market is very attractive to many buyers. the 2019 real estate market is turning out to be very unpredictable and hard to tell what is going to happen for the remainder of this year. For example, January is typically a very busy time of the year with many buyers actively looking in the marketplace. I've been telling clients for at least 20 years that January is a great time to sell since many serious buyers turn out in large numbers looking to buy with not a whole lot of inventory on the market. This is good if you are thinking of selling as you are not competing with a lot other homes on the market. This year the number of buyers seems to be lower than recent years with many looking at the government shutdown as one of the issues. There are still many properties on the market that are receiving multiple offers so even though the number of buyers may be lower the competition to buy well priced homes is still very strong.
There are 3 homes on the market in Huntington Beach that have been described by the listing agent as below market properties. The first property is located in the California Classics neighborhood and currently priced at $795,000. It's a four bedroom home with 2,345 square feet and located on a large 6,399 square foot lot. It's been on the market for a total of 77 days and just received an offer earlier this month after several price reductions. They had originally listed the home at $949,000. One of the reasons for the urgency to sell is that the home is under a notice of default which means the seller really needs to get the home sold before the bank potentially forecloses on the home.
The next property is located in the Villa Pacific community and just came on the market 7 days ago. The three bedroom attached single family home is on the market for $769,000. It's being advertised as being $25,000 below market in order for a quick sale. The listing agent is getting this figure by looking at the price per square foot of homes that have sold recently. This is typically a good way to do it but sometimes the numbers don't add up. Homes that have sold in this community are normally 1,118 to 1,496 square feet while this home is much larger at 1,858 square feet. Sometimes when you look at much larger homes the price per square foot the number actually gets smaller. Most homes in this community have been selling in the mid $500,000 to low $600,000 range which makes the $769,000 price point a tough sell.
The third property is similar to the first property as it has already received an offer on it. It was located in the Northwest section of Huntington Beach and listed at $648,000. it's being priced $30,000 below market according to the listing agent so the owners can do their own remolding on it. Homes that need a lot of work should be priced correctly in order to get them sold. We deal with properties every day in the Huntington Beach area so if you are looking to for a well priced home that may be under market value please give us a call our Huntington Beach Real Estate agents at 949-482-1313.