I ran the numbers this a.m. when I got to work and they confirmed what I already knew. Inventory levels are creeping back up in the area serviced by the Neuse River Region Association of REALTORS®.
In January it looked like we might be trending back down after high levels in the Fall of 2007 as we got into the 1300's. However as of April 1, 2008 we are back at 1560 houses for sale.
My advice to sellers at this point is:
#1 Be realistic in your expectations based on current market where the property is
#2 Do not sell unless you really need to
#3 Do not put your house on the market if "we really don't need to sell" fits your situation.
#4 Do not over-price your house. Buyers are more savvy than ever and 2005 is history.
If you want top dollar( relative to the current market) you must have your property in excellent condition at all times. You need to be prepared to wait as buyers are still "sitting on the fence."
As a great President once said, "the only thing we have to fear is fear itself."
Housing will rebound and the market will turn. If sellers panic and sell when they don't really need to, they will probably realize marginal returns compared to a sale in a "sellers market".
Now is the time to "BUY" not "Sell". Your great deals of tomorrow are on the market today.
What are you waiting for?
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