Sellers Chasing the Market?
Real Estate is one of the only industries that solely uses the past to predict the future. Realtors use the comps to help sellers place an asking price on their homes. Do hockey players go the where the puck has been or to they try to anticipate where it is going???
When sellers price their home as if it was still a seller’s market they chase this market. We all know the seller that thinks their home is worth a little more than the competition and then lists it for a little bit more. The seller’s dialogue is always some version of… “well, people can always make an offer”
In all fairness; some sellers have very little choice, they owe more on their mortgage than the current market value. This is one of the big reasons there are so many foreclosures and that in turn makes the prices fall even more…but there is a bottom and there are a lot of buyers out there ready to jump on these deals!!!! I can’t blame them this is the greatest sale in …home sales history!!! So go out today and grab a great deal and live happier ever after…