Still trending downward although we would love to report something different. If you are in denial, like most, just keep reading the statistics…numbers don’t lie. Yes, yes, sometimes you can make the numbers do whatever you want them too, but in our case…we are strictly reporting the facts and all of them.
This week there were only 6 new listings with 3 Condos , 0 PUDs and 3 SFRs. 827 Robin which is included in that Condo number is really just a listing that moved from one brokerage to another with the same agent…so really it is 2 new listings for Condos.
Price changes continue to dominate and we are happy to report that they are all price decreases, so hopefully sellers are truly listening to the words of their Realtors and marking their homes for sale. There are few buyers in this market and they are SEEKING out the deals and only the deals. This week there were 9 Condo price changes, 1 PUD price change (this one is already on the Best Buy List and just got $10K better) and 7 for SFRs, making a total of 17.
Escrows continue, but at a slow pace with only 4 new to report. 3 new Condo escrows, 0 PUDs and 1 SFR (This one was on the Best Buy List).
Sales are extremely low with only one to report for the week at 687 Bridger Court. This home has been on the market for 191 days and sold for 96% of asking price at $660K. That is GREAT! This property was on our Best Buy List as well. Although it was smaller at only 1536 sqft, it had a great setting, was very clean and priced well to begin with. Congratulations to the new Buyer.
Market Rejects…there will always be Market Rejects, sometimes you can blame the Realtor ®for bad pricing opinions, but often times you can blame the sellers for lack of listening to where the market is truly headed. If you do not trust your Realtor® and their opinion, you really should not be working with them. There is no reason for them to give you bad advice about pricing in this market and by pricing above of their opinion you are truly marking yourself for a long and not so joyous selling experience. Realtors® would love to see you get top dollar for your home too (it means more money for them as well), but pricing above of the market will often force you to lower your price below where it might have sold had you priced it correctly the first time. In this market, you need to price for 30-60-90 days from now, this will give you leverage on the market and the best bang for your buck. Warning…only do this if you really want to sell. Here we go rambling on…Market Rejects were up to 9 this week, 4 Condos, 2 PUDs and 3 SFRs. Better luck after you reduce the price and really, you will most probably be making it up on the other end of the deal, perhaps you are purchasing a new home, downgrading, upgrading, buying something else…the deals are everywhere and although you may need to take less for your sale…look at the other side too. If unfortunately you find yourself in another situation, where you are pricing your home to break even and not pricing it for sale…it’s time to talk to a Short Sale Expert who can guide you and help you through the process of not losing your home and your credit altogether.
Buyers..the market is waiting for you. Why wait until we are on the rebound. Work with a respectable Realtor® who is looking after your best interests and can guide as to what the price really should be and what would make a Best Buy Property. If you continue to wait, the home you want the most may not be the home you end up with. To view the Best Buy List, click here.