Lisa Udy really understands real estate although I'll bet she's never been to Sussex County NJ. As I plan on sharing this with my sellers who are getting no activity, I might as well share it on a wider scale.
Thanks, Lisa, for making this available to us!
Supply and Demand is the fundamental foundation to any economy. If the supply is high, the demand is low. If the demand is high, the supply is low. Economics 101 right? If you look at any real estate market in the country, there are homes flooding the market that have no chance of selling.
The Cure For The Real Estate Market
I believe the cure for our economy, or at least a huge push into the right direction, is in the hands of the people. The government doesn't seem to be on the right track in fixing the housing market. They are adding more and more regulations that are making it more and more difficult to finalize the real estate transaction.
If the people, and I mean you, don't truly need to sell your home, take if off the market for a few years.
What I mean is this:
In every real estate market in the country, there are homes that are truly priced to sell, there are homes that the people are in financial disarray, and there are homes that are over priced that will never sell.
The homes priced to sell belong in the market, they are dictating market value. The homeowners that are in financial trouble belong on the market, there isn't any other option.
The homes that are overpriced because the homeowner doesn't really need to sell, are the homes that are ruining the market. They are killing the demand, and elongating the recession.
Imagine if, every home that is overpriced, or the seller thinks they should get more money then the market is going to give, were to take those homes of the market.
What would happen to your local real estate market? What would happen to the supply and demand? If you take half of the homes off the market we could super charge our way to recovery.
So, I'm asking you, the real estate agent, the unrealistic home owner, the home owner that can wait, do your country a solid, and take your home/listing off the market.
As a seller, you want the best price possible for your home. If you take your home off the market today, and wait a couple of years. You are going to take the ball out of the buyer's court, and return to the sellers market.
Here are some guidelines that should help you determine if you are killing the demand:
- If your home has been on the market for over 6 months, and you can't do anything about lowering your price. You have no offers, and you don't see any coming in. Take it off the market.
- If your home has been on the market two months with no showings, and you don't want to lower the price. Take it off the market.
- If you have had multiple low offers, and it seems that no one is willing to give you what you will take for your home. I understand, you have a bottom line, but this market isn't going to produce it. Take it off the market.
- You have your home on the market, because you are always in a selling mood. You don't really care if your home sells, but you would consider selling if you got the perfect offer. Take it off the market, you will get more money next year anyways.
- If your too lazy to get your home in showing condition, or you just can't afford to make the needed repairs. Take your home off the market.
I am a real estate agent, and telling people to take their homes off the market probably isn't the best business decision, but it's the right thing to do. We can't depend on the government to fix all of our problems, we need to put our best foot forward, and do our part where we can.If you can hold out, take your home off the market.What do you think? As a real estate agent, do you agree? Disagree? Why?
Lisa Udy
Immaculate Homes
Lisa@LisaUdy.com
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Lisa Udy, Logan Utah Real Estate Copyright © 2009
If you are considering buying or selling a home in Utah, you deserve local expertise and advice to be provided by a professional in real estate. Lisa Udy, is a Utah REALTOR® providing full time, professional real estate services to home buyers and sellers in the cities of Logan, Providence, North Logan, Hyde Park, Smithfield, Richmond, Nibley, Lewiston, Cornish, Trenton, Amalga, Clarkston, Newton, and all surrounding cities in the Cache County Northern Utah area.
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Hi Irene,
It's just a thought, and I am glad you share it with me. I do believe it would help out local markets to reduce inventory that isn't truly in the selling market. Thanks for the re-blog, and I wish you much success! :)
-Lisa
About time we spread some honest news about the market. Tthe problem is nationwide, Lisa, and you hit the nail on the head!
We have parts of town and price ranges that homes should be taken off the market and we have places and prices that inventory is in so short supply, it is all so very, very complex.
I listed a house earlier this year at what they paid for it a year ago (maybe 2 years ago?) but before I started marketing it they rented it to a friend. I look at their area and there is still over 6 months supply of housing, so I am glad they were able to find someone to rent.
Other areas there is three months supply of homes (no longer a buyers market) and Zillow says the house is worth less than the seller paid four years ago and your buyers get in a multiple offer situation, pay list price or better. Their first instinct is low ball it, it's a sellers market the news (national and local) is telling them so.
Sure no easy answers, Maureen! Renting is becoming more attractive to some sellers but often they need the proceeds of a sale to purchase their next home.
In the Sussex County NJ real estate market, we don't (yet?) have many towns or even sections where the inventory has shifted to favor the sellers.