Real Estate Article: Work with the trend, not against it!
09/25/2006
Real Estate Article: Work with the trend, not against it!
09/25/2006
Coming out of sustainable eight year real estate
market, this summer's heat wave brought more than just the heat. It also cooled
the current real estate market with too many sitting homes and not enough
buyers. Chino hills listings climbed to 430+ meaning out of seven homes, only
one is sold. Obviously supply exceeds demand drastically. It"s time for seller's
to face reality and accept the fact that there is a huge competition between
sellers trying to sell their homes. As home value declines, sellers try many gimmicks to sell at their desired price. Some may even group up with their neighbors and all place a high market price.
Is this practical? Are they really helping the market? 
The answer is no. Even
if sellers place high prices with their neighbors, buyers won"t even bother
looking in the area. The market is redundant with homes they can choose from.
Especially with the decrease in buyers, high prices aren't attractive in the
current market. Many buyers are reluctant to buy because they anticipate that
the market will continue to drop as well.
The market trend will not change for sellers", therefore seller's need to change their mindset. Realize that each and every home is unique in its very own way. Even in the same area, every little detail of a home affects its value. Price on the market is not the same for everyone. What they believe is a great price, may not be so great in your opinion. So if you want to sell your home in the current market, you need to accept the home value now, not your home value in the past. If the market value now is not what you want, then you can choose not to sell. But if you don"t have a choice and need to sell, go with the market trend today.
The market trend will continue to take its course. No matter if it's a market boom or market slump, a wise seller will accept the trend and learn to work as a team with the trend.
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