Just in from the National Association of Realtors, housing market dipped 8.4% in March. This was below Wall Streets estimates. Who cares? Sellers care! The real issue is what the sellers of the homes that did not sell or find buyers feel, again! This is based on existing home sales. New construction is also off. The truth is you have to do the marketing to attract what buyers are there. If your home is not marketed to attract the existing buyers your home will linger on the market.
On Tuesday, the National Association of Realtors reported existing home sales for March fell sharply by 8.4%, to 6.12 million units. That was significantly below the Wall Street consensus estimate of a decline to 6.45 million units, down from February's 6.69 million. The drop was the largest since January 1989. So people are asking if we have hit bottom yet.
The kneejerk reaction may be too pessimistic. Home sales had gained in four of the five prior months, and the Realtors group blamed the sharp March decline on the last gasp of Old Man Winter -- with a little help from the subprime mortgage debacle. This seems to be logical to anticipate that spring will bring more buyers back to the market making everyone happier, especially sellers!
"It's too early to measure a significant impact from tighter lending standards, which should moderately dampen activity, but we're still looking for existing-home sales to gradually improve during the last half of 2007." This is the concencous by most economists.
So how important is marketing your home to buyers? More important than ever. The other key is having your property priced correctly to attract the buyers that are there.
Every region of the country is slightly different and has it's own unique market issues, Michigan is no exception.
I hope this quick update helps you in your selling and buying effort.
If you have any questions or comment drop me an email.
Sincerely,
Gary White
Associate Broker
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