Ranch & Coast Magazine

March 2023

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Page 54 of 91

No More Drama Perhaps the biggest story — and the best news — in real estate is the closure of an era marked by activity that often defied logic. "It's not the feeding frenzy of going on the market on Friday and showing Saturday and Sunday and offers Monday way over asking," says Garret Milligan of Compass in Rancho Santa Fe. "e market stabilizing is going to be the trend for 2023." "It was at such an unusual pace with things going over ask with 20 offers. at, we're not seeing anymore," echoes Bree Bornstein of e Bornstein Group. Even with what is still, by all accounts, very limited inventory, buyers aren't leaping in if a property's price exceeds its value, and they're not caving to the pressure when there's interest from multiple parties. "Clients are not open to bidding wars," acknowledges Delorine Jackson of e Jackson Team, who offers an example where buyers interested in a recent property for sale backed out when they learned there was competition. "e buyers [were] saying, 'We're not going to go there,'" she says, though not with disappointment. "I think it's good. It's making our market very healthy." ough it's an adjustment that can sometimes be more difficult to convince sellers to make, especially after a period when they could essentially name their price, the more a property's price is in tune with what today's more patient buyers will tolerate, the better. "If it's priced right, it's going to sell," says Bornstein. Say Goodbye to the Fixer-Upper Just as buyers are wielding more power regarding when they buy, they're also dictating what's going to sell. "Buyers just want to move in and they don't really want to do anything" to improve the property once they take possession, says Milligan. But the demand for turnkey properties doesn't just benefit buyers with a move-in ready supply; savvy sellers ready to do the work are also benefiting. "In this market where there's a price shift a little bit, if the house is done, and it feels current with what's on-trend, that house sells at ask or above, and it sells quickly," says Bornstein. What does "on-trend" mean now? "Lots of natural light. Lighter finishes. Not necessarily an all-white kitchen, just the 'California clean' look," she says. e Predictions at Weren't "I've been pleasantly surprised because of all the negativity that I've heard on the news about how the market was going to be very slow, and what I'm finding is the market is actually pretty busy at all price points in Rancho Santa Fe," says Linda Sansone of Linda Sansone & Associates. "I think everyone was thinking that 'doom and gloom,' and that's not the case." Wall Street forecasted the spike in interest rates targeted to temper inflation would lead to a real estate downturn, but that's just not playing out. While interest rates have climbed steeply compared to their historic lows last year, now at around six percent, they're still well within what is considered to be a normal range (in 1981, for instance, the average annual rate was an astronomical >> @ranchandcoast RANCH & COAST MAGAZINE MARCH 2023 55 6115 Mimulus, Rancho Santa Fe 5 Bedrooms, 11 bathrooms 10,375 Sq. Ft. $9,850,000 Listed with Linda Sansone, Linda Sansone & Associates 6115 MIMULUS: PHOTO BY SHAY BLECHYNDEN

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