Well 2008 here we come. One thing is for sure... until the tide changes in which more homes are coming off the market via sales than are coming on, the Tri-Valley Real Estate will be a Buyers market. Having said that, what exactly does a Buyers market mean? Prices will be flat and fluid, and the number of days a house stays on the market will remain high. This also means, homes will be fetching a market price as oppose to the premium we saw the last couple of years. And the market price is currently very fluid. This also means, pricing a home for a quick sale will be more challenging than ever and will be more important than ever. In our current fluid market, buyers are continually trying to re-test the seller's price. i.e. Home buyers now are getting more saavy... they want the seller to justify their price per square foot... and many are submitting offers 10-15% below the existing asking price. Buyers still have no sense of urgency, and looking for the proverbial, good deal, Which is something I continue to trend toward. Both the Seller and Buyer have to believe the home fetched the current market price!!!
Gail
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