It's not happening across the board, but real estate prices in Ridgway, and the surrounding area, are coming down. With the current economic fear gripping the globe, seller's are seeing less buyer's coming into the area. The buyer's that do come in are wanting, even expecting, a great "deal" on whatever they buy. That has created a virtual stand off between the two transactional parties. Most seller's in Ouray County, and I stress most, don't need to sell. For the ones that do I have some advice....lower your price today! Sellers who have to sell are going to have to stop listening to the voice of "My home is worth more than this!" Bottom line, your property is worth what someone is willing to pay for it, that's it.
Due to the irreconcilable differences between the buyers and seller's, I predict a lot of properties will be taken out of the marketing pool this winter. I will personally remove 4 properties from my listing supply this month. In honest conversations with my selling clients we have realized that to ad 120-150 more days on the market, with little chance of selling, would only exacerbate the problem in the spring of 2009.
I expect the only properties that will change hands this winter are the ones that present irresistible opportunities to buyers. Prices will eventually find a happy medium, but until that day the showdown between buyer's and seller's will rage on.
For examples of some of the properties in our market that have come down dramatically, or to be placed on my watch list for "screaming deals" in the area, simply subscribe to this blog. I recently was able to get one client a $200,000 lot for an amazing $135,000! Simply because I knew what he was looking for and got to the deal faster than everyone else. That's the way it will work through most of the winter. Listing brokers are going to go to the agents who they know have someone waiting for their price to drop. It will secure a solid close and stop the bleeding for the sellers.
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