Well . . . it doesn't appear the slowing market is picking up anytime soon. As a matter of fact, most experts predict the market won't truly correct until sometime in 2009. With Georgia now ranked as the fourth state for the most foreclosures, things seem to be slowing even more. This is the first time most seasoned brokers have witnessed this kind of market. Although we have seen buyers markets before, none were quite like this one. Unfortunately, most home sellers haven't come to terms with the fact home prices have actually dropped in some areas. With all the new construction in Cherokee county, resales are taking a beating.
Now, it's more important than ever before to price homes correctly. Home sellers as well as local agents need to take a hard look at the "true" comps in the surrounding areas/neighborhood. I still see many agents sending out marketing material claiming houses sold in last month in a particular neighborhood in under 50 days - what neighborhood would this be? What they are not telling the general public is that most of these homes were relisted in the MLS system therefore skewing the days on the market numbers as if they were new listings.
A warning to all home sellers: BEWARE of AGENTS WHO CLAIM THEY CAN SELL YOUR HOME QUICKLY! Unless, of course, it's priced well below market. With the many foreclosures competing against the resales, prices are dropping quickly. The REO departments of the lenders are suffering from too much inventory and need to dump the houses to get them off their books. So, if you're in the market to buy - you've picked an excellent time! Otherwise, unless you just have to sell, hold tight.
Jodi Thomas
Comments (2)Subscribe to CommentsComment