Wall Street Journal says - Sellers Dry your eyes and lower the price!
I found this website recently which quotes some leading financial companies in the know about our 2010 real Estate Market... www.KeepingCurrentMatters.com February, 2010. The quotes are below in this post.
There are some good blog posts as well pertinent to our current market. This is a particularly good one based on a New York Times Article about seller's drying their eyes and lowering the price. I've used it personally. http://kcmblog.com/2010/02/25/dry-your-eyes-and-lower-the-price/
I think the blog post is on the money and looking at the statistics which reveal there are more home sales in our area than last year at this time it is clear that sellers are getting the message. Of course those who were "hanging on" are no longer able to which makes a difference. BUT our sales are up and in some of the zip codes locally that I monitor our Bank owned and shortsales (REO's and short sales) are about 40% of the most recent sales. That number was much higher last year.
David M. Blitzer, Chair of Index Committee and Standard and Poors says "Coming after a series of solid gains, these data are likely to spark worries that home prices are about to take a second dip."
Patrick Newport, HIS Global Insight says "We believe that prices have further to fall-about another 5-10%".
Deutsche Bank reports "home prices will drop a further 10 - 12% from current levels".
Moodys "We expect another 11% national decline likely before the worst is over".
Morgan Stanley "Home prices should continue to decline 10-15% through 2010".
Keeping Current Matters is a website of Steve Harney, real estate
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Terrylynn has been a Realtor in Contra Costa County for over 30 years. She works with the Dudum Real Estate Group. Terrylynn is a local expert, who believes in specializing for better service to her clients. She gives talks on Foreclosure Alternatives, Make Home Affordable Programs, Home Staging Consults before you Sell, and is a Senior Real Estate Specialist, Real Estate Collaborative Specialist-Divorce, Certified Residential Professional, EcoBroker and any more. There is no silly question, call now for advice and counsel about your real estate investment. Click here for a question about the area. Visit www.BuyStageSell.com to learn more about Terrylynn and her team of Real Estate Professionals and Staging Professionals. We even stage our short sales! Why? Because it works. 925 8760966 www.BuyStageSell.com
no surprise here, Tampa just lost 8% in January so these forecasts sound pretty good. Its all int eh perspective I guess LOL
Prices in my areas are still in flux - up one month, down the next. But if sellers really want to sell, they will be realistic and not expect so much.
Daniel, agreed, love it when they do national statistics...and they make no sense to what's going on locally. It can be hard for clients to know what to believe. Thanks for commenting.
Wllliam, you are right on. They need to be real or not compete in this market. We are in the wild west of real estate. Thanks for your comment.
Terri, as a stager, I am seeing the homes that are staged and "priced right" sell in our area. Hard to watch the ones that look great after staging, but over priced so they are not getting offers. With home values down and still falling, it is difficult, but necessary to listen to your Realtor's advice/expertise when pricing your home.
Terrylynn - the percentage of bank owned and short sales is a scary mumber and I keep hearing that in some areas the worst is yet to come.
Michele, I know, I have to tell sellers that all the time. The commitment is that staging can do it's job if you do yours and allow us to price it right. Staging can't overcome overpricing.
Kathy, you know this is true, but balancing that out with the buyers who want to buy and investors who want to purchase...there are lots of people balancing out this market, Hope it gets better in your area.