Do what the other sellers aren't willing to do.
Are we in a challenged market right now in North Carolina, and our own Charlotte market? Sure we are. But it is not near as bad as in other areas of the country, or as bad as some of you may remember from the late 70's. We had double digit inflation, a fuel oil crisis, and in some areas, like Texas, both. On top of that they had a usury law that forbade mortgage interest rates from exceeding 10%. When the par fixed interest rate was at 18%, home sellers were paying 16 discount pts. to get their buyers to closing.
We're not even close to that. We are over inventoried, but even that is beginning to be relieved. Builders still have some leftovers from 2007 that they have some handsome incentives on new inventory homes. Have you noticed they haven't stopped building?
Our general economic indicators are pretty good. We still have healthy demand for our market, and as these inventories work down, prices will begin creeping back up, and the pendulum swings back more to the sellers.
If you are putting your home on the market now, it's important to approach the task with a mindset of having to work a little harder than usual to bring your home to market, and chose a realtor that has a unique approach to overcoming the market conditions. If you don't have to put your home on the market now, wait.
Putting it simply, when the times get tough, the tough get going. The winners are usually willing to do things the losers won't do. More on this subject in my next post, as we look a ways to keep your listing from reaching the expiration date.
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