Now that it is a buyers market and home prices are on the decline, YOU NEED TO PRICE AHEAD OF THE MARKET. Years ago (WHICH IS NOT THE CASE ANYMORE) the prices of homes kept going up, both the sellers and realtors liked this and would increase the price some to make adjustments for the market going in that direction. But the buyers were on the outside looking in. Now the tables have turned and the buyers are getting good deals.
You wonder why there is a lot of inventory, and buyers are not buying?? The prices on the homes are inflated for the most part. Sellers still want to get the price of years ago and are reluctant to list for less. Most realtors don't want to price the home "ahead of the market" because they will not get as much of a commission. In my mind both these parties are being greedy and not looking at the big picture.
We, the realtors are the PROFESSIONALS. People are coming to us for "our" expertise. This is a basic supply and demand market. You have little inventory, price goes up... you have a lot of inventory, the prices comes down. We should have all learned this in real estate 101.
My sellers have listed their property (since the value of homes are coming down) a little above what they are closing at. This way if the values come down even more they won't be out of the ballpark for offers, they will be ahead of the game. Sure enough, these homes go under deposit in less than 2 months because the buyers feel they are getting a good deal. The sellers are getting a good deal, because they are making as much of a profit as they can on present values. The ones that list too high are still sitting there, paying their mortgage, taxes, (maybe condo fees) for months. What does this all add up to? Perhaps they have spent thousands of dollars needlessly. If the seller/realtor figures out what 6 months of sitting on the market with no contract has cost them, and if they had put their house on the market for this amount less then what they originally put it at, their home might be under deposit at this point.
For most of these sellers they will be looking to purchase a home elsewhere once their home sells... now you are the buyer shoes and you will be wanting a good deal. So sellers put yourselves in the buyers position... PRICE AHEAD OF THE MARKET.
What is our time worth as realtors and homeowners? THIS IS NOT THE TIME TO BE GREEDY.
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Valerie Osterhoudt, ABR
(Accredited Buyers Representative)
Is a Full Time Realtor® with with Johnson Real Estate, in Cromwell, CT who specializes in Homes and Condos For Sale in the Middlesex and Hartford Counties in CT.
Valerie Osterhoudt, ABR ~Johnson Real Estate, Inc.
cell: 860.883.8889
email: Valerie Osterhoudt, ABR
website: www.CTrealtorMLS.com
