This is the third different market I've experienced and it's probably the toughest one I've seen in my almost 13 yr career in Real Estate.
Some sellers are very nervous and then there are some sellers who wish to ride out the storm and wait for their price and then there are the sellers who can't sell so they just don't care what happens.
One of the biggest challenges that we... as Realtors® are experiencing right now is the pressure we're facing if we list a home for sale and no matter what we do ....it just won't sell.
Obviously with the way our current economy is now.....there are many consumers who are reluctant to purchase anything... let a lone a new home. With all the banks suddenly going out of business ...there are very few options for people looking to get a loan. most of the deals I am currently doing are on the lower end of price and most of them are cash deals. I've also been able to do more and more rental deals. I have plenty of inventory. Some of my listings are short sales and the rest are priced within a realistic range but even though the activity is average to sporadic...most of them haven't had offers in months and that is hard to swallow for me and for my sellers.
My clients and I are just sweating it out right now.
You can only do so much advertising and you certainly can't put a gun to their heads when the inventory levels are so saturated that buyers are looking at every listing that fits their criteria....so there's a lot to show before they make a decision.
Recently we had a fair offer on a condo we have listed on the inter-coastal and it's not a short sale...as a matter of fact ...the seller doesn't even have a mortgage and is now living in another property but when the seller countered.....the buyer walked. Should the seller have taken the initial offer? I guess it depends on whether or not they were motivated enough to sell.....they weren't
My clients know that I have their best interest at heart and they still have faith that things will loosen up eventually...but I also know that I have clients right now that have been on the market a very long time and they are eventually going to lose patience. There aren't many solutions other than watching the market and letting them know whats going on a monthly basis. Repositioning their home in the market place is still a very critical thing. I always advise them that if they can price it within the market instead of being out side of the market they won't be so far behind and catch up if they take longer to sell.
Just remember that consumers think that Realtors® are professionals and have the knowledge at what we do but they can't expect us to stand outside naked with a for sale sign on our butt and make a buyer make an offer.
We need to revisit this in about 6 months when the smoke clears.
For more information please contact Neal The Real Deal Bloom-CRS-Realtor® /Remax Premier Assoc.
2500 Weston Road ,Suite 103
Weston FL 33331
(954)608-5556
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