January closes out on Outer Banks with 62 single homes under contract for the month. There may be a few that went under contract this weekend with paperwork pending.
There are currently 1997 single family homes on MLS - this means there is a 32 month supply of homes on the market as of today. There were 42 new listings posted over the weekend. Our absorption rate is three times the national average - Buyers delight!
34 single family homes closed in the month of January with seven of those being REO's. This means that REO's accounted for 20% of the market for January. Lets all get out there and sell these REO's and short sales -the faster we do it the quicker our jobs become less hectic and more predictable.I know these are a pain in the Arse but somebody has to sell em. Let's get back to doing business with real estate pros instead of bankers- It is amazing to me that the investors actually have banks handling these -I will save that mess for another post
Now is showtime on the Outer Banks- I see an uptick in January on units U/C from the last three months- We have about 4 months before it starts to become difficult to show property . Units sold always dip slightly during high tourist season - no reason for us to slow down as salespeople - just an observation.
If you have sellers that are not priced out ahead of the competition and ahead of the declining curve - DO NOT feel guilty about sliding them to the back burner as long as you have supplied them with the facts showing them how much money they are losing each month--(about 1 to 1.5%) depending upon the sector of the OuterBanks market. Go out and find sell able listings - they are our there! OK we all have a few that get decent sign calls- still no need to waste time on pie in the sky pricing. Plant the sign and thank the Lord for the calls then go get one that will sell.
If you have qualified buyers that are still waiting to catch a falling sword - they may be greedy or just plain uninformed- sort through them and move on . Don't forget to remind the pole sitters that pigs get fat and hogs get slaughtered! Keep these buyers around but you must move on don't waste valuable time on them- ... you may have to sort through three times the amount of qualified leads than you did back in 2004 before you get someone worth hauling around or wasting good listings docs on- Do not grow weary - in due season you will reap a harvest!!
Have a great selling season. Opportunity is at an all time High!
Steve Blaisdell puts the REAL in Outer Banks Real Estate