How’s the market?
| Every working real estate agent will tell you its the No.1 question that they hear from buyers and sellers alike. | http://www.columbushousingfacts.com/files/FactSheets/Banner_375×75.gif |
While I’m still pulling together the April numbers — and just trying to find the time to put them to the blog. Thought I’d pass a little passive research on to you.
- I worked a six-hour shift at Best Buy yesterday, and had 13 voice mail messages - all but one being a real estate inquiry - in those six hours.
- I’ve had multiple inquiries on virtually every property I have listed from $34,500 to $248,900 — showing that buyers are at least looking in all price ranges.
- 1203 County Road 26 should be in contract as early as this evening after going back on the market one week ago and having eight showings and two offers in a week.
- I wrote two buyer’s contracts last weekend and have another that could write this week.
What does this mean to you?
The market in Delaware, Ohio is recovering. The values are still supressed from their record highs of a few years back, however buyers are out there for a good property.
Popularity: 8% [?]
2 responses so far ↓
1 Jeremy Hart // May 14, 2008 at 7:31 pm
Toby - excellent news, based on those scenarios it would seem that at least pockets of inventory are moving. What do you see the biggest challenges to be for both buyers and sellers moving forward? Obviously, the market doesn’t pick up overnight, and it’s going to fluctuate, but how are you advising clients with this information?
2 Toby Boyce // May 16, 2008 at 12:48 pm
Jeremy,
Thanks for stopping by!
The challenges that buyers and sellers face are still there.
Obviously holding value is the biggest challenge for sellers in developments or with non-unique homes. And with foreclosures still working through the system it will continue to be a challenge for them.
For buyers there are two key issues they have to keep in light. (1) Good Houses sell in any market. If you “sit and wait” it is possible that you will lose the house of your dreams. Thinking that “nothing is selling and you have no pressure to buy” creates a false sense of security. (2) Your bank’s terms of prequalification can and will probably continue to evolve as we move through this foreclosure epidemic.
How am I using this information to advise clients? Giving them an honest look at the market — it is still a buyer’s market. However, people are no longer afraid to buy houses — so we need to make sure we are ready and willing to move on the right offer.
Thanks again for stopping by Jeremy!
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