And they don't ask like they are expecting a positive answer. Almost like I may have possibly lost a puppy kind of look. You know what I'm talking about.
The truth is... It's slow. Well slower than when we were putting homes on the market and having them sold by the end of the day with the buyer offering to pay $50,000 over list price and agreeing to pay the cash difference between sales price and appraisal price. Whew, just typing that gave me flashbacks.
My answer is to those who ask me "So, How's Business?" I say.... Business is good. The market is good.
Most houses are on the market for a longer period of time. Having homes on the market for three to nine months isn't a bad thing. As a matter of fact, I would call our market at this time a normal market.
Sellers, depending on the area, are getting within approximately 3%-6% of their asking price. That's not so bad. Buyers are able to negotiate now. Their interest rate is below 6.5%. That's not so bad, not bad at all.
So what. The Sub-prime market is having major issues. Good! Buyers who should have loans will get them. We will no longer be showing homes to people who may just qualify with some loan that may just exist.
...and remember to tell your sellers, just like a sweater at the store. At retail price, I may glance at it and say "That's pretty!" and barely give it a second thought. At a reduced price, I will touch it, try it on, won't even be able to sleep on it... I will buy it!
SEE THE INFORMATION CENTER FOR OAK RIDGE TENNESSEE REAL ESTATE MARKET
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