Market Changes 2009

By
Real Estate Agent with Realty Executives - Phoenix AZ

Changes in the Market, 2009

Yeah, there have been changes! Some good, some not so good...

                                                                        For Buyers                                            For Sellers

Homes Priced <200k

Sellers Rule the Day...

Buyers are even using acceleration clauses again. CASH buyers prevail, so new loan buyers are at a distinct disadvantage. Have everything in order when you start - loan applied for, timeline in place.

If you are a seller, it is nearly impossible to NOT sell your home... Still, make it look nice, and yes, you must price it where it will appraise. Sorry - no way around that!

Homes Priced >500k

Buyers Rule the  Day

Tight credit, excess inventory, few buyers, all make this price range tough - for now. Will spring back with a vigor when the economy improves.

It's cliché, but true. You must win both the price war, and the beauty contest. And it will help to have some luck & patience.

Homes Priced 200-500k

Balanced. Few investors, so owner-occupied buyers have a shot.  As always, have the loan underway, and be ready to move quickly on a nice home. Still an active price range...

Keep it priced well, and looking nice. Be ready to help buyers with loan costs. Get creative! Do NOT let a good buyer get away - there may not be another for awhile...

Homes Priced <100k

CrazyVille! The rules are thrown out, as this is almost entirely the domain of banks as sellers. Some buyers have written more than  a dozen offers, just to get one to stick. Short sales are plentiful, and require ANOTHER level of expertise to actually purchase one.

 

 Tax Credit

Good thru 4/30/10. $8000 for first time buyers, $6500 for selected repeat buyers.

This is also good for sellers, as it takes "some" of the pressure off of buyers costs, plus brings a few more out into the market.

Interest Rates

Lower than anyone alive has seen. Below 5% for 30 year fixed. No kidding!

If you are also a buyer (after selling), this should be motivation to do whatever it takes to complete your sale...

Jobs

The linchpin to the entire recovery. As long as jobs are not being created, the recovery is likely to be a mirage...

This is not a metric any of us has control over, unless you have influence with the politicians. If you DO have this influence, ask them to relax the attack on employers.

Sunshine

Arizona has it. Chicago does not.

 

Patrick Harfst, CRS©

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Re-Blogged 1 time:

Re-Blogged By Re-Blogged At
  1. Lori Lincoln And Associates 12/07/2009 10:08 AM
Location:
Arizona Maricopa County Gilbert
Groups:
Arizona Real Estate
Out Of The Box!
Tags:
market info
buyers
sellers
gilbert

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Rainmaker
177,931
Lori Lincoln And Associates
Top Agent Serving Dighton Taunton, Rehoboth and more! - Taunton, MA
Top Agent Taunton,Dighton Rehoboth &more

Patrick, I love the way you graphed this out.. especially about Sunshine (lol).  I am going to reblog.  We do get sunshine in the winter in Massachusetts, but the days are short, especially now.

and thanks for letting me reblog!

LL

Dec 07, 2009 10:04 AM #1
Rainer
80,957
Patrick Harfst
Realty Executives - Phoenix AZ - Gilbert, AZ

Lori ~ Thanks for the re-post... Feel free to modify for your own use...

 

Dec 07, 2009 10:26 AM #2
Rainmaker
284,966
Tere Rottink
CoastalVa Realty Inc - Virginia Beach, VA

Very cool post.  Simple, but this should be featured.  I have flagged it.

Mar 04, 2010 03:26 AM #3
Rainer
80,957
Patrick Harfst
Realty Executives - Phoenix AZ - Gilbert, AZ

Tere - Thanks! This was quickly put together for the benefit if consumers who like things simple... Works for most areas, but I am also seeing a "firming up" of the market, starting at the lower end of the price range. Even Warren Buffett said we'd be fine in 12 months... (He owns at least one large real estate company, so I'd lean towards believing him)

Mar 04, 2010 09:21 AM #4
Rainmaker
137,563
Mary Kay Hopkins
Mary Kay Hopkins, LLC e-PRO, GRI, CRS, CRB - Lake Charles, LA
e-PRO,GRI,CRS

Patrick, this post fits with your analytical approach.  Simple, straight-forward and full of valuable information.  Thanks

Mar 31, 2010 11:44 PM #5
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Rainer
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Patrick Harfst

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