Ok.. I keep hearing this.
So in meeting with Friends/Family I'm greeted with the same question: "Hey, so how's the real estate market I hear nothing is selling Eh?"
HUH? Would i be working 75+ hours a week 7 days a week because nothing is selling? Yes the real estate market is declining considerably, but are houses selling? YES, OF COURSE! If the house is PRICED RIGHT, someone will buy it! If it's overpriced, well, then it's going to sit & get "stale" as we like to call it in this industry.
With currently 120 assignments right now, I'm going BONKERS! I get asked by every other agent who calls me how to "get in" with listing REO.. Oh if I had a dollar for every agent that asked me I would retire from Real Estate. Although I have given a tip or two to my fellow Realtor (who was no in my market area of course ;-)
But I digress... The market IS slowing, there is an oversupply of inventory & MANY sellers have their homes sitting with no activity. As many of you already know, especially if you have purposely visited my Blog, I list homes for Banks. Multi-million dollar corporations have entrusted me with listing their portfolio of recently foreclosed homes. And I think I do a helluva job. Oh sure, I get the frequent bitter agent here & there that might tell you otherwise, the ones who likes to nitpick, give me a hard time & then claim I don't do a good job, but I know better... I wouldn't be listing over a hundred homes if I didn't get the job done.
So, anywayREO. Stands for REAL ESTATE OWNED.
Real Estate Owned? By Whom? Well, by the foreclosing bank or lender, of course. The well kept secret of the savvy investor. Many buyers are catching on & it seems alot of the buyers putting in offers on my listings are first time, 2nd time homebuyers who want to buy an REO. People are doing their homework now, what with the internet and the power of knowledge at your fingertips. Most REO's are not for the faint of heart. They have plumbing damage, heating/ac issues, water damage, repairs that are needed... you name it. and the banks are selling AS-IS. So what you see is what you get.
But.. every once in a while we get a Gem. And when we do, I get a BIDDING WAR! But can you blame the buyer? A gorgeous home at a bargain price.
2007 was a busy year... Team Silva neared 10 million in Production/Sales & 2008 is starting off with a bang. From where I'm standing, with this many listings, I see how many Buyers are out there looking & making an offers. TRUST ME THEY ARE OUT THERE! BUT... There are not enough to buy out the several HUNDRED listings currently on the market. I used to be able to tell you EVERY listing on the market & was familiar with everything in my area in the MLS. Not anymore! I can't keep track.
If your listing your house for sale,, my one key piece of advice in this crazy market is PRICE IT RIGHT!!!!!! Get a good real estate agent who will TELL YOU THE TRUTH about what your house is worth, not just want you want to hear about how much your house is worth. Too many sellers make that mistake. Do you want to brag about how much your house is listed for? Or do you want to brag about how quick you sold it for and what a good real estate agent you had?
How will it feel to have your house on the market for a year & then have a friend say, "Hey, what's up with your house still on the market?"... and you've got to say "Hey, It's not my Fault, Nothing's Selling"