Frustrated Sellers and Low-Ball Buyers!

By
Real Estate Agent with Berkshire Hathaway HomeServices Select

     Like most areas of the country where the Real Estate market is declining, the Wildwood, Mo area is no different!  However, homes are still selling and decline in St. Louis for the next year is fore-casted to be about 1.8% - much less than other areas of the country.  The days on market is increasing slightly and buyers are low-balling everything in site!  While this is frustrating to sellers who have great homes, it happens to be what is happening in the market.  Since there is more of a selection to choose from, if buyers don't get the price they want (often below what the seller's paid in the past couple of years) - then guess what - the buyer's just move on to something else.  What a frustration also to agents who can't get the buyer and seller to come to terms and who often write several offers because the buyer's are looking for the greatest deal. This is what our current market looks like for the past 6 months: (Rockwood School District - Wildwood, Grover, Glencoe)

Active Listings - on the market with no offer: 259 ranging in price form $157,00 to $2,595,000

Contingent - an offer but contingent on some other factor: 14 ranging in price from $150,000 to $634,000

Option: in the building inspection phase: 3 ranging in price from $300,000 to $789,900

Pending- waiting to close - inspections complete: 29 ranging in price from $154,900 to $1588,437

Sold - Closed and Funded - 163 ranging in price from $90,000 to $2,000,000

     Based on the stats and considering the active, contingent, option and pending listings as still available, we currently have a 12 month inventory of homes (11.25) assuming no other homes come on the market. 

     What can seller's do? Make sure your home is in tip top condition - no carpet that needs to be cleaned, no junk around (a streamlined house), no odors to contend with - pets, etc., and make sure above all that you are priced for this market and not the market you think that you should get or need. 

     Creative marketing can get your house sold if you and your agent are working in a partnership and both are working to accomplish your common goals.  If you can't afford to do things to your house then make sure you have done everything else possible to have your home in the best condition - clean closets, put away all the small appliances on the counter, confine the kids toys to a specific area.  There is a long list and consider asking your agent to have a marketing team of 3-4 agents make suggestions on what you can do. Our company, Prudential Select Properties has a Five Star Program to help sellers make sure that all the bases are covered to get their home sold.  It's a tougher market and everyone needs to work together and communicate on a regular basis.  

     

 

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Rainer
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Sharon Filbig
Prudential California Realty - Escondido, CA
San Diego County Real Estate
I know how that is, Pat!  I just did a market analysis update for a particular neighborhood, and I found that there was an abysmally low absorption rate and a 27 month inventory!  Yikes!  It's so important to stand out from the competition!
Mar 07, 2008 10:08 AM #1
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Rainer
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Pat Moore

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