Trend: The Real Estate Market for March 2009

Tis the season for first time home buyers and investors.

TO MY BUYERS

The days of multiple offers, houses flying of the market and sellers in the driver’s seat seem to have dissipated. Times have changed from those fast past sales of 2003/2004, but even with the lowest interest rates since the market boom of 2003, which drove sales into a frenzy these past several years, the public opinion is this is a bad time to buy, and the waiting game seems to be the only rule in this game of real estate.Tisk, tisk people, this is the BEST time to buy!

Here's the 411 on the market trend: We are officially in a buyer’s market and this may be your chance to shine, although the hype of foreclosures has buyers putting in offers .50 on the dollar. The reality of our market here on and around the main line is one in ten sellers is playing with fire and these sellers are truly desperate to sell, the rest do not feel the need or want to sell under market. More often than not I hear "I am not in a rush, and I don't care." So here's my advice to my buyers: Do not have a false sense of what a good deal is in this market. If a home is under the recent competition in the neighborhood, there is a good chance you have found yourself in a "good deal." If, by chance you see similar properties in a much different price bracket than the house you have on your radar, and everything checks out, you may have hit the jack pot known as "a steal." Above market means someone needs a reality check.

I am not discouraging my buyers, and as I always say make the offer, the worst they can say is no, but be prepared that sellers in this market are not shy about waiting for the right offer. Don't let your misconceptions about the market limit your vision and raise your expectations too high. A good deal is still a good deal.

TO MY SELLERS

If you must sell in order to buy, remember this… you may sell lower, but you buy lower as well. In a seller’s market, you sell higher, but you buy higher. Simple concept, but often overlooked. Most sellers are trying to look at the bottom line, so consider this, in order to run your home (mortgage, utilities, maintenance, etc) what are you loosing while you wait for that perfect number that could be rolled into your bottom line? My advice to my sellers, the better your home shows, and priced according to market trends, the better you will be. Staging, updating, and pricing appropriately is essential in every market, but especially now. The longer on market, the further you get away from your asking price and your goals. You house becomes “stale” and considered “old inventory.” Your first offer will most likely be your best, so above all, be flexible and think through what waiting to see really means to you.

Remember, spring market begins at the end of February, so call the contractors now during their slow season to get the ball rolling on preparing your home for that optimal sale.

SPRING MARKET IS COMING!

Feel free to call me or email me with questions or concerns. I would love to help you prepare or find your next home. alicia@alicialordjones.com

Straight forward with the best results, that’s my promise to you
www.alicialordjones.com