If grey is the new black and 40 is the new 30, then I am convinced that "price", "condition" and "timing" are the new "location". How many times have you heard Location, Location, Location? I think I can unequivocally say that when its time to sell your house, "price", "condition"& "timing" will correct a location that is now suddenly less desirable than it was just a year ago.
Don't get me wrong, location is important, but it gets too much attention.
Why were real estate investors or speculators (I thought they were the same) able to buy a house, sell it in 6 months and make 30%, in a new housing development? The location did not change, the market changed, which all had to do with timing.
Why were folks able to buy a $500,000 house, make a few cosmetic upgrades (carpet, paint) and sell it for a $600,000 in a few weeks? You guessed it, the condition improved and quite possibly the market was going up as well.
Now look at the flip side. A potential home seller has owned their home since March 2006. The condition is about the same, the location hasn't changed. What is going to sell this house? Sellers have control over the condition and the price. Location and timing are external factors we can't control.
I am seeing houses listed for sale in excess of 100 days. What do people think will happen....divine intervention? I wish I had sold my tech stocks in December "99, or January ‘06 or even February, but I held on. Its been seven years and still no signs of a Hail Mary. Seven long years.
The hardest thing for a Seller to realize and accept is that a price reduction may be in order. Funny how everything always comes back to demand and supply, ECON 101. If you reduce it, they will come.
Proving once again that the free market (goods and services, wants & desires, democratic society, free enterprise) will ultimately determine the price of real estate.
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