October 30th, 2007 6:00 PM by Melanie Mitchell - Team Lead/Listing Specialist
Its a tough market out there for sellers! Everyday price reductions take place on current lisitngs and days on market continue to increase. The recent sub prime lending problem will continue to ripple through many aspects of the economy in the coming months. This will add to the inventory of homes that is currently at about 9 months. Plus the buyers who could get loans before are now locked out of the market, because of the tighter lending practices being implemented by the lenders. Thus shrinking the already limited pool of buyers.
To sell a home in this 'Buyers' market a seller needs to make sure the home is in tip top shape so that it stands out from all the other homes that are on the market. Make sure all the little things are taken care of, down to the light bulbs all working.
Today's buyer has a lot of choices and they are certainly in no hurry to buy. The news is full of stories about the subprime woes and the issues with the housing market. So unless they have been on a nice tropical beach with no contact to the outside world for the last yr the buyers are fully aware of the downward trend in the price of homes on the market. This of course is testing the patience of many sellers. So my advice to you the Seller is to price your home to sell in this market, work with your realtor to stage your home properly, and stay the course. There are very few quick sales in todays market. Stay tuned!
Bill Cooper, Realtor