Sellers Take Note - Not Enough Listings

By
Real Estate Agent with Prudential Connectictu Realty

I have been selling Real Estate since 1984 and have seen many up and downs, trends, buyers markets, sellers markets but never have I seen a buyers market and the lowest interest rates combined!  The phenomenon is amazing and still sellers are not sure if they want to list their homes "right now" and buyers quite frankly have very little inventory to see in the Greater New Haven Area.

I work as both a "Selling" agent and a "Buyers" agent as it keeps my skills honed as to what is available for listings in the market and negotiating skills.  In all frankness I really like to help people achieve their dreams as to whether they want or need to move or if they want or need to purchase a home.  If it were up to me there would be more quality listings on the market that were well maintained and have been updated as the current homeowners have lived and enjoyed their home and the homes would be priced to sell.  Or if the property is not keep up to date, or has not been properly maintaind the price should be reflective of this fact.

There are too many unrealistic sellers out there that are putting their homes on the local Multiple Listing Service and they and/or their agents are comparing it to homes that have been sold later than three (3) months, have been upgraded in the bathrooms, kitchen, furnace, hot water heaters, etc. and actually - prior to listing the home.  Some agents don't know the inventory and are glad to take a listing that is overpriced.  It is a waste of time if it is grossly overpriced, the sellers have too high an expectation, the agent has time invested, and the buyers agents took time to make the appointment, talk to the buyers about it, obtain an appointment, drive there, the sellers have (hopefully) cleaned and straightened the home, and the agents show up and the appointment happens...to be disappointed or if everything is right then the opposite happens: multiple showings, lots of hits on the Internet sites, the sellers are amazed at all of the activity and an offer perhaps multiple offers.

Sellers if you are on the fence regarding listing your home obtain a market analysis on your home from a full-time experienced agent that works your local area up to a 12-15 mile radius.  Find out what their track record is, do they have any current listings, sales?  Are they in touch with all of the new mortgage restrictions (and there are many from HUD and Federal Guidelines), are they aware that federal guidelines restrict appraisers from using sales in your 3 mile radius over 3 months? Do they have contractors they can recommend to you for small repairs, attorneys, etc.?  Are you willing to pay a reasonable or more commission?  Now is not the time to shortchange and give less, the more experience and the more committed your Realtor is to their profession as a Realtor will be invaluable.

Buyers if you are looking for a home, now is a perfect time to negotiate and find it.  Especially on homes that have been on the market for longer than two months, they sellers may be more apt to listen to a reasonalbe offer from a qualified buyer.

Please contact me if you would like to discuss your home or if you would like to purchase a home at 203-215-6957 or at patriciamoreggi@prudentialct.com

 

Comments (3)

Kevin Simshauser
Keller Williams Realty | Newport Estates - Newport Beach, CA

Good information!  We are facing very similar situations out here in Southern California

Jun 01, 2010 08:59 AM
Dagny Eason
Dagny's Real Estate - Wilton, CT
Fairfield County CT, CDPE Homes For Sale and Condo

great info for CT!  - We are in the same boat in fairfield County....

Jun 01, 2010 09:02 AM
Patricia Moreggi
Prudential Connectictu Realty - North Haven, CT
Realtor Greater New Haven, CT

So what are you doing in your area as aProfessional Realtor to educate the sellers and buyers?  Some agents in my area don't even know that inventory is down

Jun 01, 2010 10:13 AM