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Name:
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John C
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Subject:
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Question For Real Estate Agent
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Date:
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5/9/2008 1:54:50 PM
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That's a great question.
I think it varies from listing to listing. In general, I think you are correct, sellers are doing things typical to a buyer's market, such as: dropping list prices, offering incentives, having open houses and realtor targeted open houses. If by "prices are dropping" you mean that an exact home has SOLD twice in the last 24 months, and recently sold for less than it did in the past, no I have not seen that. But listing prices are definitely coming down. "It's a great time to be a buyer" is a mantra that we agents squawk like parrots no matter what's going on. But I am telling you - five years from now when we look back, 08 will prove to be a great time. You have the confluence 2 factors - tons of inventory (and therefore lots of pricing pressure) combined with historically low interest rates. Sure the 30 yr mortgage is not under 5 like it was 4 years ago, It's around 5.85% now. But ask anyone that sold real estate in the early 80s when rates were in the teens - they would have cut off their right arms for rates like these.
One frustrating thing that I personally encounter is the thought by buyers that every single listing is overpriced. Sure, there are still a lot of overpriced things still on the market. But I have some listings that are downright good buys, and other realtors do too. It's hard to break through the noise sometimes, though, with so much inventory on the market. So when buyers call me up about foreclosures or "distressed sales" - I ask them why not look first at good buys that are not in some funky legal situtation. "Good buys" I define as properties listed for at or below what comparable properties SOLD FOR in 06 and 07.
That being said, things are selling here and there. It is not like the floodgates have been opened, but as an example I sold one of my new listings, it had been for sale by another brokerage for a summer and then FSBOed after that. So, it can happen.
URL: Lake Martin Voice
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