Real Estate Sickness
Olathe and Lawrence, KS real estate (locally) as well as across the nation we are suffering from a "down market," a slump, a sickness. Unfortunately, I think the source of this real estate sickness is partly due to "Misinformation." The real estate news gathered from TV, different housing sources and friends alike all say that NOTHING is selling; that your "House will be on the market not for days or weeks, but for months or maybe even years!" I believe that this preceding sentence covers the general thought of the misinformation that I'm speaking of. It gets right to the heart of the real estate sickness that we are all suffering from.
Now, it's Sunday afternoon, and I've actually got another sickness (a cold.) Nothing big, but while I'm "Laid-up," I thought I'd share my thoughts and attempt to briefly explain the parallel and remedy that I believe will help make it all better. For my cold, it's simple: take it easy and wait it out. For the real estate misinformation sickness: We each, as Realtors, need to inform and educate the local public that HOUSES ARE SELLING. Granted, those homes that are priced as if it's still the 2006 / 2007 real estate market have been sitting on the market for a while. But if we educate our Sellers on the present market, stressing that their home needs to be among the top 20% in visual attractiveness / staging, and be priced very competitively (among the top 20% of the comps) it will sell rather quickly. There are 2 markets out there: one is full of over-priced, stale properties, where sellers claim that, "Well, I know my home is worth $___,___, and I will not sell it for a penny less!" and one where good homes are selling for good prices quickly.
See the articles in Realtor® Magazine Housing Inventory Seen Stabilizing and Housing Prices Still Above Average. The revised monthly forecast from the National Association of Realtors, which followed nine straight months of downward revisions, calls for U.S. existing home sales to fall 12.5% this year to 5.67 million - the lowest level since 2002. Last month, the association predicted 5.66 million existing homes would be sold this year. The Realtors' group also forecast sales will rise slightly in 2008 to 5.7 million, up from last month's prediction of 5.69 million. The Spring season is coming; rates are low... (More on '...get Buyers...' later)
The real estate market is what it is. It presently is, more or less, depending on your location, a Buyer's Market. You might have two other words for the present real estate market: ?&*! and _*&%@^. My two words are "Stability" and "Affordability." Check it out! Look at the Olathe, Lawrence and Kansas City markets. (If there are any investors out there that are interested in KC investment real estate, drop me a line.) There have been similar market shifts in the past. Did all Realtors® throw up their hands and say, "It's time to look for a new job?" Nope. They shifted with it and continued to prosper.
I know, inventories are still high and prices might be down. But inventories are high and prices are down! Rates are still sub-6%. Go out and find some Buyers! Have your Sellers price their homes right and assure them that they will more than make up the difference on the Buyer side!
I saw a 4 bedroom, 2 bath, 2,320 SQFT Tampa home this morning that has dropped it's price $100,000! This statement might not support my thesis, when looking at it from the Seller side, but the house is MARKED DOWN $100,000. Who wouldn't appreciate a deal like that? The layout of this property even could allow a portion to be a rental. Monthly income baby!
In closing, help me help you, by educating, and doing our part to attempt to bring out the Sellers and Buyers. I know, this won't help the home loan implosion, but you can more directly be a part of the remedy, the solution. Help cure the misinformation sickness. Educate and prosper, my friends.
--> I wrote the entry, then found this story. Sums it up pretty well, I think... Use Your Know-how to Build Business
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