We keep hearing that the Northwest is the least affected area in the nation. Things must be really rough elsewhere if that's the case.
The question I am wrestling with is how to counsel clients. It used to be that if a house had a market time of over 30 days, I would expect that the house had some challenge that would potentially be a concern for future resale. Now with so many homes being on the market for so long, I feel the need to change my views and to readjust the way I talk to my buyers. I suppose that the longer market time can mean great opportunites when you find a motivated seller. How do you answer the "crystal ball" questions? Should offers reflect the possibliity that we haven't reached the bottom of the market? As a listing agent I've already been preparing my sellers to expect some tough negotiations.
It would be great to hear from agents who have experienced this kind of a market in the past. In over 13 years in the business, this is a new game for me!
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