In my previous post entitled, "It's a buyers market, have we bothered to tell our sellers" I spoke of the challenges we face as Realtors to prep our sellers for lower offers and explaining to them that the buyer is not their foe. I also spoke of the Real Estate Guru, Katie Couric.
My local paper had this headline today, "Lee home-price skid among worst in U.S., study says"
What goes through a sellers head when they see this? Pessimism, despair, anger, even hopelessness.
What goes through a potential buyers head when they see this? On one side they are getting excited about the possibility of finally affording a home, but many are also thinking they are going to be able to get something for nothing.
We all know this in not the case. Unless a seller is comatose they are not going to take 40% of the asking price for their home. Realtors for the most part list a home at a price they think is applicable to market conditions. Yes, some Realtors will say anything the Seller wants to hear just so they can get their sign in the yard, but good Realtors advise their clients wisely in pricing.
Yes, home prices are lower than they have been on several years, but several years ago they were so inflated that the working class segment of the population found themselves priced completely out of the market.
The fact of the matter is that I have been able to help 2 first time home buyers this month because single family homes are now affordable for them. My business is picking up because buyers are seeing the market welcome them back.
The newspaper completely ignored the outcome of lower prices....that being a larger pool of eligible buyers. Call me crazy but more people being able to buy a home is a GOOD THING!!! I sincerely hope I won't see a headline in the near future that reads anything close to "Home prices in Lee County rising quickest in the US study says"