Have you been wondering where all of the buyers have been hiding? Are you sitting on listings that aren't getting any showings? Hmmmm... Where could the buyers be?
In a nutshell, the buyers are disguised as sellers across America. The buyers for my $500,000 custom home in Vancouver Washington are currently sitting in their home for sale over in Camas Washington. The buyers for the Camas house are trying to sell their little craftsman bungalow in Downtown Vancouver. Where is the key to the complicated real estate lock?
The key is quite simple, all of the homes are overpriced. (Yes, even my listing.) When sellers realize that we are in a buyer's market and we can no longer demand the inflated prices of 2 years ago, then this locked up market will start to release it tight grip. Our real estate circle of life will start to recover and be healthy again.
What can we do to help? Be honest with our clients! Convince them that the best way to prosper in this type of real estate market is to be realistic when pricing their old home and to find a killer deal when buying their new one. It's not easy but it is the only solution.
When you choose us to handle your Vancouver Washington real estate needs, you choose a team of realtors® who care about you and your family. Buying or selling a home is always more enjoyable when you work with professionals who will listen to your needs and who will work together with you to achieve your objective. We are very familiar with all types a real estate in Clark Countyand we specialize in Vancouver, Ridgefield and Battle Ground. We are also very experienced with new home and custom home construction having assisted several local builders in selling new neighborhoods in the Vancouver Washington area. Additionally, we have helped numerous families build their own dream homes. We are dedicated to helping you make intelligent, informed decisions and to providing you with exceptional service.
Mark Hall
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Credit is a problem too.
Very true, also I have heard alot of buyers without homes to sell are sitting on the sidelines waiting for home prices to fall further. When it finally does release, it should flourish again. The big question is "when".
Right you are. Come on seller's, be realistic. We can't sell your home if you don't take our advice.
I couldn't have said it better myself!
It really is something to see how everything, real estate, the financial market, etc.. is to inter-connected and to see how dependent they are on one another!
Buyers are buying- but they are buying well conditioned, well priced homes. There is a house I pass every day as I drive home from work. The home went on the last last Monday and sold 2 days later! 2 DAYS!! And the home sold at asking price.
Even in this market, homes can and ARE moving fast, IF they are conditioned well and are priced right!
Thanks for sharing and best of luck to you and your listing!
Kind Regards, Nicole Weidauer
The Egerer & Weidauer Team, Keller Williams Realty North Seattle
You are right Mark. All we can do is be there for our sellers and buyers as their consultants.
By buyers are all crying about the state of their 401k plans that they were going to use to buy their new home!
Too many issues to make people move. I have a ton of sellers, but like you..no Buyers. Too many people are scared and many sellers can not afford to drop the prices on their homes. They, like many of us, are strapped and over extended. I am scared to make a move and put my own home on the market, becasue the market sucks, and we are in a decent market. But.. 10-12 months on the market is not exciting to anyone. Good Post!
Here in St. Petersburg Florida a lot of sellers have adjusted their prices to current market value and these are the home that sell.
Hi Mark! - Catchy title. Too bad your post is true. When they are ready to listen they will. KM
You are so right Iturned down 3 listings this week because the sellers are in fantasy-land. I am not wasting marketing money on over priced listings anymore.This housing market is like Walmart we are rolling back prices.
Amen. This is so very true. Our sellers must start opening their eyes to why their homes are selling. Price, price price.
What everyone has to realize is that the price is all relative. If you are selling a home to buy another home - yes you are going to probably have to sell it for less than you though you could due to the current market. On the other hand, when you go to buy your next home, you will probably be able to buy it for less than you thought you could.
Sellers expecially need to keep this in mind, as pricing is all relative!
Mark, are you inside my head? I keep trying to update CMA's for sellers and try to get them to see reason and bit by bit our market is shifting to buyers, but slowly. Thanks for putting it in words.
It is a wheel, and price is one of the spokes that makes it roll. Good post!
Thanks for sharing Mark. One simple thing, believe it or not, is so many listing agents just list. They don't ask where the seller is going once the home is sold. Even when relocating, ask and at least get an opportunity to refer the seller to a well qualified Realtor.
The paper announced this morning that sales for August 2008 were up over 2007, but prices were down from a median of $475,000 to $350,000. Both are good news for us here because more people can buy if the prices are lower, and it looks like that is exactly what is happening.
We've had two consecutive months now of sales up, prices down.
I've had five price reductions in the last two weeks and looking for more, the buyers are there, I just have to find them!
Ellie - Explain to your buyers that the right home purchase right now could eliminate the need for a 401K! (Of course give them the standard disclaimers; I am not an accountant etc)
Brian - You are correct. Over a year's worth of inventory is pretty frightening but it should be great for prices.
Todd - Your sellers will thank you in the end. Being ahead of the market price-wise is the only option right now.