Georgia Foreclosures Are Up - Resale Home Prices Are Down
Uber-blogger Real Estate Broker Extraordinaire Greg Swann just posted this entry over at Bloodhound Blog:
One year ago today, I wrote an article that outlines an instance of chasing the market down that dovetails nicely with Greg’s take on this phenomenon.
At the time, it was really worth around $1.8M… but by his own admission - he was greedy.
Homes, in general, are not selling well right now - and the few that are selling are comprised mostly of new homes; foreclosures; and desperate sellers… which is kind of redundant, as ALL sellers are desperate right now.
It’s getting increasingly difficult for sellers to convince me that they are ready to take the steps necessary to sell their homes… and those steps include merchandising their product; reconditioning their product; and pricing their product - properly.
Homes are no different than any other product. If you do not present a product to the market at a price that the market will bear - you’re going to be really good - at selling nothing.
Great post, to the point and correct.
I think as more sellers start to hear this they will come around. It always takes a while for clients (buyers or sellers) to understand what is going on in the market, not matter how many times you tell them.
The tough part for some sellers is that they cannot price their home were it needs to be in order to sell because they don’t not have the money or equity to sell.
One question I ask of my sellers is, “Do you absolutely have to sell this home?” If the answer is “no,” then they should not even bother trying in this market as they most likely will not want to price the home where it needs to be in order to sell.
Left by Big Bear Real Estate - Tyler Wood on January 28th, 2008