The state of the houseing market? Not sugar coated just the facts.
The poor housing sales have been all over the the news. This is certainly not a news Flash! Everyone has heard statistics, read articles, talked about how many homes are for sale in your are.....with seemingly no end in sight. Here is the not so sugar coated facts of the housing market.
Your eyes have not deceived you...there are more homes for sale.
The numbers can be manipulated.....to say whatever an economist, marketing guy or accountant want them to say.
Percentage of sales to listings show a huge gap compared to recent years....numbers game.
Actual sales versus actual sales from prior years not off that much....slightly low.
Sell prices....in many cases are lower....but the huge rise is prices wasn't realistic either....how could you expect to have a 25% increase year after year....without a correction. Here is the logic. Retailers and manufacturers employ a pricing game to find the price of a product. They raise the price until the sales slow down....they have hit the near top value a consumer will pay. Then they back off slightly and they have a correctly priced item. Which price increases year to year at some point the buyers were going to be priced out. Once the correction is done they will come back.
Correctly priced homes are selling first! That means pricing your home to create value in the buyers eye. If you are within a few thousand dollars and have no distinctive differences your home might just sit on the market like the one down the street. That's a fact....I didn't create the rule of supply and demand. More features more demand. Better price more demand...it is a simple rule.
Buyers have to be able to find a home that will appraise for the selling price. Appraisers are required to find a comparable properties within a two (2) mile area of the home being purchased. If they can not certain types of loans will not be available and your home is in danger of not appraising.
Interest rates are still fairly low....I consider anything under 7 percent very reasonable. Of course....this is based on just a few years ago 7.25 - 7.50 were thought to be low. We have some extremely attractive loans available.
Sellers sell for less and they purchase for less....so where is the loss? Sure sellers have a hard time understanding that the home the could have sold last year is worth less this year. The truth is it isn't worth any less....the market has changed and the price that buyers are willing to pay is less....because of inventory. More inventory...more selection....more price competition to sell....lower prices. That's the facts. That's the market.
Skeptical of selling, find a professional that understands the market. I sold a clients home in 11 days within $500.00 of the list price...no it was not priced to low....it was priced right for the market. Buyers recognized the value and paid the almost 100% of price. The sellers didn't have to discount. It is one thing to ask a higher price only to find you are getting overs thousands less....then you recalculate and recalculate. Pricing right gets your home sold....you can buy at a lower price...your dream home to meet your current needs...sellers make a higher offer knowing your property is a good value. Everyone wins. Nobody said give your home away for a quick sale...I want all my sellers to get top dollar. That's why sellers hire me. When I represent buyers I also want them to get the best value in the marketplace.
People don't want deals. They want good values. So pricing high to barginl.....only places you with everyone else!
I hope these facts help you make an informed decision.