The rain and stock market in the past week have caused a little slow down in traffic. More importantly, we need to be paying attention to our Sellers and their traffic outside of weather conditions. Some of it is typical seasonal slowdown, and some of it is indicative of the market shifting. In an odd way, we look forward to a slight shift in the market because it creates more balance for both Buyers and Sellers.
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Why do we say this? Well, Buyers are still willing to pay fair market value, they just don’t feel as over the barrel. Sellers still get fair values for their homes, they just need to be more in tune with feedback and condition of their property and respond accordingly. For our Sellers who are listening and responding to location, condition or price, offers are coming. For those that wait, we see that prices are still softening in neighborhoods and the longer they wait to make adjustments, the lower the final sales price will be.
For Sellers, the moral of the story is, Listen – Proactively Respond – Repeat.
To further our point – we just got our first short sale approved for some clients of ours. This is the first short sale we have processed in over 8 years. In the last downturn, we actually took over hundreds of short sales for other Realtors because the specialization on this (similar to foreclosures) is a totally different type of real estate experience. We see this short sale as one of more to come, and consider it an honor to help clients in need. Funny enough, banks closed down or let all of their short sale processing staff go, so we are back to the days of 2006-2008 where there are very few bank representatives that know how to process a short sale.
Last week, there was a dip in homes going on the market by 13.5% which will help our Sellers with lower competition. We’re working a lot with clients on wealth building and strategy as we see the next 24-36 months as the prime opportunity to capitalize on building wealth. Feel free to let us know if you would like to have a strategic conversation on how you can take advantage.
Seychelle & the Van Poole Properties Team