Once again the folks over at the Williamson County Assoc. of Realtors have provided us with a great visual of how the Williamson County housing market is doing. Home sales will definately be lower this year than they've been over the last 3 years but likely higher than they were back in 2004. The seller's market has changed to a buyer's market. (see below)
What does this mean to you? Well, it depends if you're buying or selling residential real estate.
If your buying - you'll have more choices and more time to make a decision. You will also have more negotiating power because if a seller won't lower their price to one you're happy with, you can find another who may be able to. But remember, if you really love a home, and you're planning to live in it for at least 3-5 years, don't let a great home pass you by because it costs more than another.
For sellers - you'll have to be more competitive. Because buyers have more negotiating power than in the past, you'll have to step up what you are offering to them. Maybe its paying for their closing costs, or offering a decorating allowance, but the best offer is one of a lower price. You don't have to give your home away, but you do need to be realistic in your home's price and your bottom line. If a buyer really wants to buy your home, they should be happy to pay market value.
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