e've been living in the in the public media to indicate
high flying world of a that something similar maybe
hot residential real happening in other parts of the
estate market for the last three country. I believe it probably is
years. Is it slowing down? What and would welcome anecdotal and
does it mean for buyers and observational input from you if
sellers if it is? Do buyers and you're in a position to see
sellers need to change their changes in your area.
strategy?
What It Means for Sellers
Is the Market Slowing?
You need to be more patient if
I live in Virginia in what is you are a seller. When the market
sometimes referred to as "the slows, there is less "instant
greater Washington, D.C. area." gratification" for sellers. You
Things have been changing in the need to hone up your marketing
last few weeks. Houses which were and negotiating skills if you're
selling in a few days to a couple a FSBO (for sale by owner). You
of weeks are now taking a month need to shop for a Realtor with
or two to sell. There are more marketing and negotiating skills
houses which are expiring or if you choose to use the services
being withdrawn from the market of a broker.
without selling at the asking
price. I'm also beginning to see Sellers in a cooler market need
some modest price reductions. The to realize that the sale of their
market is still strong, but there home has become more sensitive to
are abundant signs that it is the price issue. The market
moderating. really does "speak." If you have
a good marketing program in place
There have been bits and pieces and are not getting several
showings per week, your price is choose to make an offer on will
probably too high. You can lower probably still be available
it in $5,000 increments until twenty four or forty eight hours
"traffic" picks up and you are after the first viewing.
getting several showings each
week. Buyers whose contract offer
includes a provision for a home
Sellers need to resign themselves inspection are not as apt to be
to the fact that, in cooling displaced by an offer with no
markets, they are not likely to such provision as does happen
get multiple offers. Therefore, when the market is sizzling hot.
when a decent offer comes in, Another change is that buyers who
give it respect and real offer less than full price are
consideration. It may not be "the not so apt to be laughed out of
only game in town," but contract town. They are more likely to
offers aren't "a dime a dozen" receive a counter offer naming a
either. price somewhere between the
asking price and the offer
What It Means for Buyers originally made, or they may
receive a counter offer at full
It's still a good idea to shop price but with some other
for a home with a really strong concession offered.
"lender letter" in hand, but, in
a cooling market, buyers don't In Short
need to make a quick offer on the
first home which is adequate for A cooler market can be healthy
their family's needs. They can for both sellers and buyers.
take a little more time, and Homes can still sell at generous
compare houses before making an prices. Some of the frantic pace
offer. The home they ultimately slows, but there's still plenty
of activity. With any luck, will even be able to "pause" its
that's the sort of market we're interest rate increases.
entering now. Maybe the "Fed"
About the Author:
Raynor James is with http://www.fsboamerica.org - FSBO homes for sale by owner. Visit our home buying page at http://www.fsboamerica.org/buyer.cfm to see homes for sale by owner.
Source: www.isnare.com
