Thursday, July 12, 2007

Too many homes on the market!

Every day I check the new listings and everyday I am somewhat annoyed to see that there are yet 4-10 more listings each and every day priced exactly the same as all similar listings in the area that are NOT selling for that asking price! There is nothing special about the new listing that would make it stand out and sell while others listings are not selling. It's just ANOTHER home on the market; another home that is flooding the market and won't sell.
I am not saying to not put your home on the market right now, I am saying to not put your house on the market if you don't have to sell and if you are not willing to be lower in price than all other comparable properties listed. If you are not willing to price your home competitively, don't list it because it won't sell and just sit on the market. Something that is not good for any listing. The bottom line is that the few buyers that are out there know that it is a buyers market. They are expecting to get a deal and right now they can because there are so many properties available. A buyer will shop the lowest price among several listings and if a house is not well priced to begin with ; there is the likeness that a potential buyer won't even look at it.
Great time to buy! Absolutely! Not so good time to sell!
If you are a seller and just out 'fishing' to see if you would get any bites at a certain price: Please don't! We have way too much supply and little demand; in order to make this market turn and become a sellers market again, we must reduce the supply!
That's my opinion; I let your common sense decide if you agree or not.
A little example: Three month ago I spoke to an owner who wanted to list her house. I suggested a listing price below 1,1 Million. The last house I sold in the neighborhood was in much better condition than this house and sold for 1,03 Million. It sold two months ago! The owner chose to list with another agent for 1,39 Million! I will keep you up to date and tell you how long this homes will sit and sit and sit on the market and I will let you when and if it sells and how many different agents will have had it listed by that time.
I won't tell you which property it is of course.

So, what new homes ARE on the market since my last blog:

these properties have sold:

and these properties have gone under contract:

Thanks for reading my blog and have a great day! Oh and please if you want to sell your property , please call me so I can give you a realistic idea for how much you can put your property on the market and actually sell it! A good realtor is NOT somebody who tells you what you want to hear just in order to get a listing! The value of a home is what somebody is willing to pay for it in the current market.

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