Keeping up on the Market Value in TODAY's Market. Are you a Seller or "Non-Seller?"

By
Real Estate Agent with Remax Whatcom County INC

Statistically people sell every seven years according to the National Association of Realtors. The great Real Estate Market that was 2005 plus the statistical shift in market equals a light at the end of the tunnel for the floodgates of buyers who will come back into the market.

But that's not magic. Buyers just don't appear out of nowhere. Buyers sometimes are homeowners who can't offload what they have to get into a new home. It's notable that 2005...is not 2008. Lots of Buyers were buying in 2005 and those buyers have a home. They're decorating it, adding onto it or their families. They really aren't buying.

But now real buyers are just sitting on the fence. Most feel that they are waiting for "Rock Bottom," or a "New President" or a "lower interest rate." And Sellers are waiting for their home values to improve. It's a cycle that keeps home values from rising too high for anyone to afford.

Not all buyers are just homeless entities. They're sellers with homes for sale. Buyers can be people who can't get out of their house to buy another. They are Sellers who think they are on the market...but in fact they're "Non-Sellers" sitting in their houses watching the market with a "for sale" sign in the yard until they get their price for the house. It is another way that buyers can't enter the market.

"Non Sellers" are waiting for the market to improve so that they can recoup the 2005 figure on their house. They're also waiting for the next best deal on a home of their dreams. It is not until they find that "diamond" in age of lower prices that they are motivated to lower the price of their home when they "Really" need to sell to buy. That's "Non-Sellers" in this market...they're buyers. They're there...watching. Not "Selling."

There's always a buyer for a well-priced home. But "Non-Seller's" aren't motivated to price well until they realize they need to become a Seller. When they do that...they're doing themselves a disservice. They're pricing their home too high to start and all those buyers who want the next hot deal...see the overpricing and pass it up for the next hot deal. Consequently that reduces buyer interest in a property...sometimes irrepairably to the point where a homeowner will have to reduce the price to "under" the market value to get their price.

James Knapp, Realtor
Remax Whatcom County INC.
jamesknapp@remax.net
360-393-6986

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