Are real estate prices still falling? This is a common question among buyers. It appears that prices are falling because sellers are still overpricing their properties. When the property has to be reduced/lowered to the real market price, buyers interpret that as 'falling prices.' Sellers still want to try starting out high and then lowering the price. Amazing. Are they blind to this market?
- Ask yourself, why haven't all those houses on the market sold? Because they're overpriced!! What would happen if all prices were cut 20%?? Houses would sell.
- Believe it or not...there are buyers out there. Buyers are not buying because they're not seeing the cost equalling value. Buyers pay top dollar for houses in top shape.
- Today I was out with a buyer in San Leandro, CA, and out of nine houses only two were worth making an offer on.
- Houses that are priced right are selling quickly...and sometimes with multiple offers. One house we saw had 20 people looking at it!! It was priced below the market!!
As long as sellers base their price on what they need, there will be high inventory and price reductions, reductions, reductions.
As long as real estate agents take overpriced listings, there will be high inventory and price reductions, reductions, reductions.
-Go out there and seize the real estate day.-
Ernest Villafranca
Oakland and East Bay Real Estate
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