The current trend in La Jolla luxury home sales is that buyers are offering much lower prices for an all cash deal. Agents are generating offers with shorter contingency removal time periods and, in some instances, no inspections at all. The normal contract includes a 17 day contingency time period for which the buyer can get any and all inspections, a loan approval and review any disclosures and an property appraisal if they so choose. Now the cash buyers are offering the sellers a very quick close and waiving inspections and or appraisals.

Sellers at first are reluctant to counter the offers but if they don’t, could stand to take a chance of losing the very well qualified buyer. Those sellers who decide to counter the initial low-ball offer at least keep the dialog going and in some instances when there are counters to the counter the sellers have sold their home close to where they want the final price to be. It is always a good idea to counter any offer because you never know where or when the next buyer will surface.

There have been 22 Luxury sales between the prices of $2,500,000 to $6,000,000 since January in La Jolla. The average price is $3,700,000 and the highest price was $5,800,000 and with the average $987.00 per square foot. Some of the homes closed escrow 2% below the asking price and other sold 28% below the asking price. There are 105 luxury homes for sale in La Jolla and most of the homes are owned by very motivated sellers. Currently there are 7 pending sales in La Jolla with the average price of $3,631,000.

Buyers who have cash have an advantage because they can be aggressively make offers. Sellers should really consider countering all offers because they may possibly get close to the purchase price that they want. For more information go to my website www.susannystromwalsh.com and look for luxury properties for sale.