Inventory level is certainly one reason it is clearly a buyers market. Buyers are enjoying their time to be picky, like it or not. After years of sellers having all the say, buyers are exercising their power to dictate exactly how long a property will remain on the market. It isn't simply a "market reaction", it is a buyer's reaction.
If you are a statistical guru, forgive my simplicity, but it seems blatantly clear to me that it is more about the buyer than the daily stock report. Buyers need homes, regardless o
f what CNN decides to say on Tuesday.
This quarter I have been extremely busy with buyers. I know what they are looking for as well as what the refuse to except.
They are financially capable, Internet savvy, and HGTV literate. They are asking different questions, and demanding answers, not tomorrow, not later, but right now.
If a seller and/or the listing agent isn't prepared to answer, the buyer simply will go next door.
Buyers are taking their time, doing their homework, and viewing just about all the homes in their desired price range.
Sparse landscaping is no longer an option, neither are homes with unusual odors.
New construction is no longer exempt from curb appeal nor will a buyer pay "ticket price".
The buyer is not the ENEMY. It is their time. Sellers need to carefully evaluate their approach, goal, and necessity to sell.
Agents who are still listing and/or showing homes that are not up to par for the competition might as well just go fishing.
It is imperative that sellers are well informed and educated about the competition. That doesn't mean there must be a lingering lecture of the gloom and doom. It does require listing agents to be at the top of their game, as they should be.
Expectations MUST be addressed. Sellers should be prepared to put their best foot forward each and every showing.
Their REALTOR must be knowledgeableand well versed in methods of showcasing the property. The Realtor must have the "A-TEAM" at the ready (Professional Stagers, Photographers, Contractors, Landscapers, whatever the required specialists may be!)
We are all fully aware the economy effects the market; however, sometimes we forget it isn't the market writing an offer....
Buyers are telling us exactly what they want. It is time for sellers and agents to listen.
If it has come time for you to prepare your home for sell, make sure that you interview Realtors who understand the challenges ahead.
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