Real Estate Market Conditions

If you have your home on the market, or you are considering it, you might have already realized that homes aren't selling in 3 days any more, at least not usually. As we head into June, the Spring and Summer "rush" of buyers is not what I expected it to be. I feel lucky to have some business, I know there are Realtors with none. With over 3,000 or so Realtors in the Valley, and only about 465 homes in escrow, that's a lot of Realtors with no commission coming in.

So where are the buyers? Well, just about everyone who doesn't own a home yet and would like to buy, are kind of afraid to make a move. They hear the evening news anchors talk about rate hikes and they hear the pundants on cable TV sit around the round table talking about a bubble in prices. They have heard of the rising inventory of homes for sale, and how there are some more choices and discretion in the buyer's favor. Generally during this time of year, Spring and Summer, you would see your biggest increase in home appreciation rates and see homes flying off the market, one by one...at least that's how it was for the last 5 years or so. Those that are buying right now and or are in escrow, are either the very few who are motivated despite the market "jitters", those who HAVE to buy for various reasons such as job transfer in the area, or those still doing a move-up purchase before they "potentially" lose any equity in their current location.

While I can't predict the future, it seems like there is basically a wait and see attitude from buyers out there, no rush. They don't want to pay top dollar anymore. They want to pay 2005 prices (if they must), not 2006.

In this market you will find a buyer for your home if it has three important factors "right" with it...Price, Location, and Upgrades. If it doesn't have upgrades, it will have to be reflected in the price. And I'm not just talking $10,000 cheaper than the same floor plan on the market with upgrades, because buyers will finance $10,000 all day long if it means getting a home with upgrades vs. one with out. Conventional advertising isn't getting all the calls and leads to sell the home as it used to. With that in mind, its all the more reason to be the best priced home for the product offered compared to similar offerings nearby.

In this market, you can not afford to just hire a Realtor who is going to hang up a sign, and just hope for a call. You need a pro-active Realtor who will put today's latest technology and marketing methods to use in order to better sell your home. I'm talking Virtual Tours, Audio Tours, Call Capture 800 signs, Listing Website Domain Names, Professionally taken photos, Real Estate website advertising in as many as possible, postcard marketing to your neighbors, frequent open houses, caravans, listing pitched at network meetings, and the list goes on and on.

Even in the absence of significant sales volume in today's market, you can still sell your home, and buyers can still get a good deal. Its a "fair" market for all in my opinion.