Recently I have been thinking about the mood of real estate. There have been many great blog posts about how its harder than it use to be, how things are tough, how sales are down. These are all reality based blog posts, full of truths I am sure. It is important to KNOW what is happening in the market--I know how many solds, pendings, and actives there are in the MLS, I know average sales price, marketing time, etc. And right now that data points to negativity. The market is "THE MARKET", but I believe if we switch our attitudes we could make it work for everyone!
In any given day a contract could fall apart, a short sale could fall apart, a buyer could lose a home, I could lose a listing. At the end of every day I could go home an drown myself in a tall, cold beer because the day has been hard and defeating. Or I could look at what has been good and go home with a totally different attitude.
I believe that the way the market is now is the new normal. When I hear a seller say they will wait for a better market I cringe. How do we know that we won't look back years from now and say oh, how I wish for 2011 again? I understand economics and I know that real estate cycles but ladies and gentlemen this market may be the best we have to offer.
Right now, we have incredible interest rates. I just bought a used car and secured a 2.99% rate. How can you not feel good about that? I just had a buyer close on a home with a 4.25% interest rate, and buyer close on a commercial property with a 6% interest rate. These are incredible numbers. The economics behind these numbers can make a huge difference in someones personal wealth.
As a seller, when a buyer steps forward and says I want your property but I need you to fix these electrical, mechanical, plumbing defects a seller should say yes I will, because that is the right thing to do and because they HAVE A BUYER! Do not risk losing that buyer to someone who will sell their home without defects or for a better price.
As a seller, when a buyer steps forward and offers you a contract at a "%" off of your list price think long and hard before you decide to stick to your price. You may end up being the highest bidder on your own property. I am not saying that you have to give your home away, just respond with reason and care. Do not let a buyer walk away.
As a seller, please be honest with your agent. If you are in trouble, upside down, have to be somewhere quick, have no intention of dropping your price let us know that in the beginning. We are here to help you. We can do a better job for you when the circumstances around your move are disclosed to us.
As a buyer, think before you offer foreclosure pricing to a seller who has lovingly maintained and cared for their home. That love and attention will mean less care and maintenance for you which does equal money for you in the long run.
As a buyer, do not buy based on the "market". Consider where you want to live, what your family needs and look at this home purchase emotionally. Your choices are incredible, the financing affordable. If you buy based on purchasing a place to call home in the long run it will pay off. Allow yourself to feel good about buying a home!
As a buyer, if your entire goal is to "steal" a property share this information with your agent. We actually know and understand our market. There are homes that we KNOW will not sell at 50 cents on the dollar please let us focus our time and energy on the "good deals" for you.
As an agent, my pledge to you is to do the best I can for you, to know my market, to work hard. Today is the new normal, we do not know what tomorrow will hold so let's focus on today!
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