The old saying is location, location, location. I think the current market dictates price, price, price. I see that very well priced listings are selling now regardless of the location.
The horrible news is coming with the recent week predicting that 1 out of every 10 homeowners is in danger of losing their home to foreclosure (Amherst study), we all know that the inevitable is that the number of foreclosures will have to sometime totally dominate any market. News today of higher unemployment, higher foreclosures and even higher retreat in the commercial real estate market (first time above 9% delinquency) which has reached it highest delinquency ever. means that we need to hunker down further for this retreat.
This is not "chicken little", this is the reality of the market. I know, there are pockets that are doing well, but the horizon does not look sunny with the further deterioration that was announced today in both foreclosure numbers and unemployment.
What is driving this is uncertainty about the future and very quickly, Wall Street will react, because the one thing they don't like on the street is uncertainty. Higher unemployment, unknown taxes, etc. The word was today that if the current tax system is not extended that families earning as little as $40,000 will see a tax hike of $100 monthly in their federal income taxes. Well, folks, $100 net loss in that size of income is significant.
What can you do, as a listing agent, I am staying up to date with all the news, good, bad or indifferent and sorting through everything I can so that I can give great counsel to my listings and my past clients. We cannot bury our heads in the sand. If you walk through your garden and it is full of weeds, you cannot just say there are no weeds (sorry, I am an old Indiana farm girl) We must at some point face the reality.
What are you doing to get your sellers and past clients present to the reality of what is going on in this market???? Blogging and sending emails works for me. After 25 years in the market I have thousands of past clients, I am thinking about developing a campaign to contact all of them. How would you do that???
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