Lots going on in the real estate market nationwide. Some of that activity and news impacts our market. However, the Northwest, and particularly, Ashland, located in Southern Oregon, is faring better than most parts of the country.
The good news for buyers is that there are plenty of deals to choose from. Buyers are calling the shots for the first time in a very, very long time. The good news for sellers is that buyers are in the market and making decisions. If you want your property considered by buyers in this market, make sure you are priced right. By that I don't necessarily mean that you should be priced at market price. With the unprecedented inventory levels, it is a good idea to position yourself just below market price. Buyers know the market as never before. The Internet has allowed savvy buyers to review properties, check data on county programs, research what a home previously sold for and when. The Internet also allows buyers to follow desired properties and note how long they have been on the market, price adjustments, whether a property has received a pending sale and then come back on the market. All of this information is utiized by buyers when they write an offer.
If you are a seller and you receive an offer on your property, I suggest that you don't let your ego or pride get involved at the negotiating table. Consider that even receiving an offer is a good thing, a very good thing! Do what you can to keep the buyer engaged. You may think you have the only property with your particular view, or your awesome deck, or your one of a kind privacy...think again. Buyers have so many homes to choose from that Realtors are showing some clients 50-60 properties before buyers make a decision. I called a Realtor yesterday that showed one of the homes I have listed. I wanted to know what her clients thought of the property. She said it was in their top 20. Gee...great! How do they keep track of all those?
Inventory levels are high, but seem to be stabilizing. I checked how many condo/townhomes are currently listed. Just for the Ashland market (a town of approximately 20,000 people) there are 117 condo type properties listed for sale. Just under 100 homes are listed in a $100,000 price range from $450,000 to $550,000. That is a lot of homes, folks.
It used to be that we had 8 good properties to show a prospective buyer. Those days are gone for awhile, at least until inventory levels start to come down. A piece of better news, it seems that prices are stabilizing. I'll keep my eye on the market and let you know as new info emerges. Call me with your questions at 800-585-0010. Out...Patie Millen