Every Day I am amazed at the number of price reductions I see when I log into my local MLS. New Reductions that used to attract my attention no longer warrant as much interest. Why do sellers have to keep reducing their prices in the San Jaoquin valley?
It's a changed market with a large number of houses on the market. The competition to sell your home is fierce. Buyers are no longer jumping on properties and making an offer the first time they see it. Buyers are now taking their own sweet time. They know there is a lot to see and don't want to make a rash decision before they have explored all their options. With each home they see , they are searching for the bigger and better deal. What is the most bang they can get for their buck. What a great position to be in if you are a buyer. With so much inventory and declining prices it's a buyers paradise.
However, if you are a seller among the throngs of other sellers it's not a rosey forecast. Sellers are still hung up on how things were over a year and a half ago when their homes value was at the top of the market. Now that same value just isn't there. What often happens is that the seller prices their home too high to sell quickly. Even when the realtor presents them with the facts , they still have hope that buyers will see what they see as the true value in their home. All the blood, sweat and tears they have put into it. The vast majority of these sellers have had to make regular price reductions. Sometimes like pulling teeth, ten thousand at a time over many months until they final hit that magic mark of what the buyer will actually pay. The times of make one hundred thousand in equity in two years have come and gone. Today we need to be happy for modest gain and growth. We need to appreciate the upgrades we have done to our home, not to make us more money but instead to realize that made our life in this home just a little more comfortable. It's a tough time for sellers and the learning curve make take some time. But unless you want to be posting the not so exciting reduction status on a weekly or monthly basis talk to your realtor, or neighbors who are in the same boat and price your home to sell. It's your choice you can price your home " to keep owning it" or "Price it to Sell". I Say Price to SELL
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