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Real Estate like so many things, is all about timing. There are peaks and there are valley, so there is a time to buy and a time to sell. A recent article in Real Estate magazine recently reported that many sellers are
keeping their homes off the market, even though they would like to sell them. They are seeing price increases
cooling and think it might be best to wait.
What does this mean to people who want to sell or must sell? It means that with less sellers selling, there is
less inventory, which is good news for people who want to sell or must move to a different location.
Here’s what Amy Musser with Redfin Research Center wrote in a recent article:
Sellers Settle Into ‘Waiting Game’
Daily Real Estate News | Tuesday, October 28, 2014
Sellers are starting to get the message that the market is no longer tilting in their favor.
The number of Americans who say now is a good time to sell plunged 17 percentage points from the previous quarter, according to Redfin’s latest Real-Time Seller Survey, which polls 295 current and potential sellers in 30 of the country’s large real estate markets.
Sellers, Get a Grip
• Survey: Buyers, Sellers ‘Not on the Same Page’
• 3 Ways to Turn Home Owners Into Sellers
• Sellers Have Nowhere to Go After the Sale
Some would-be sellers say they’re holding out for higher prices before selling; 59 percent of respondents say they want to wait for the maximum price on their home.
“Sellers hoping for higher prices will face reality soon, as all signs point to lower price growth and less competition among buyers in coming months,” says Redfin Chief Economist Nela Richardson. “Buyer demand is there, but only at the right price.”
Some potential sellers — 36 percent — are waiting to list their homes because of low inventories, believing that the small pool of homes for sale reflects a sluggish market, Richardson says.
“The lack of homes for sale creates a vortex of short supply that can only be relieved when potential sellers find homes they want to buy and then list their own homes,” according to Redfin’s research. Several markets are reporting that inventory levels are starting to climb over last year’s numbers, but supplies remain tight in many areas.
For the sellers who are willing to list, they’re coming to terms with the fact that they may not be able to price their home as aggressively as they thought. The double-digit home-price gains of last year have mostly vanished across the country.
“While some sellers are disappointed that they can no longer expect double-digit price gains, increasing inventory and stabilizing prices provide relief for everyone — buyers and sellers — that we are moving toward a much more balanced market,” says Shawn Flynn, a Redfin real estate professional in Boston.
Source: “Seller Confidence Wanes in October,” Redfin Research Center (Oct. 27, 2014)
The most important thing to remember in a market like the one we are entering, is that pricing your property correctly is of vital importance. Once the property is priced right, you must have the best marketing materials possible. What does this mean? Great photos! Not crappy point and shoot photos, that so many brokers use. I
hire a professional photographer for my listing shoots and make sure the photos show up where 95% of the
potential buyers are looking – on the internet.
Remember, selling a house is a team sport. It’s not just I what I think as a broker that matters, but what we
both bring to the game, as we develop a plan that will get your home sold, for the most money in the shortest amount of time.
Check back for an “interesting view on interest rates!