On Fridays a gentleman takes his 93 year old grandmother out to do her shopping, do lunch, etc. It just gets her out of the house. Although she is mostly blind and can only get around with a cane or a walker, etc. her mind is still sharp. She shared something precious that I want to share with you.
She told him about the great depression and how all you ever heard in the news was negative and how everyone was bemoaning their hard existence. Then a song called, "Happy Days" was released (not the song from the TV Show, before that- it goes, "Happy days are here again"). It caught on and soon things did not seem so bad. After a little while, things began to get better and they got through it. Smarter, better then before.
Right now, all the news in the real estate industry is negative. Everyone you talk to is talking about how bad it is. Plumbers can give you a laundry list of why the Real Estate and mortgage industry is in shambles. I know that I need to be a positive catalyst!
So you know…I am still very much in business, people are still buying and I am working harder and better than ever. Many other professionals feel like nothing is moving, on the other hand, I am selling homes and I can help you sell yours. You don't need another person agreeing with you on how tough it is, you need a positive person who is going to get you top dollar in a declining market. I am the "Happy Days" person.
October 13, 2007
October 7, 2007
Real Estate Report For October
There is a lot of talk about what is going on in our market today and I wanted to clear up some of the rumors.
Right now is still a fabulous time to sell, and perhaps the best time in the next few years. The real estate market experiences normal ups and downs and now we are heading into the down market. If we take a look at what the market has done historically, we will be in a down market for somewhere around 2 years and then take a year or two to flatten out from that down market. So in 3 to 4 years we will be in a situation where we are seeing solid appreciation rates again and values will come back up. Many people are thinking that this is a temporary thing and come next fall the market will bounce right back. Unfortunately this is not the truth.
Currently there are over 9900 homes for sale in SLC and Davis County…and only 1170 sold last month. That means that there is over a 9 months supply of homes on the market, if no other homes come on the market, and 3738 homes came on the market in the last 30 days. Last month we jumped from a 7 month supply of homes to a 9+ month supply of homes.
The good news is that homes are still selling. If the home is ‘priced right’ and ‘aggressively marketed’ it can still sell for a good price.
The other great news for buyers is that people are much more willing to negotiate right now; in fact, builders are very open to negotiation right now. I am seeing some crazy things that builders are doing. Sellers that really have to sell for one reason or another at times are selling well below market value.
If you are thinking about selling in the near future or know someone that is, I can give you an honest estimate of what your home will actually sell for. If you can stay in your home for the next 3 to 4 years, that might be a good option for you.
If you know of anyone looking to buy right now there are some fabulous opportunities to jump into a home.
I appreciate referrals of your family and friends.
Right now is still a fabulous time to sell, and perhaps the best time in the next few years. The real estate market experiences normal ups and downs and now we are heading into the down market. If we take a look at what the market has done historically, we will be in a down market for somewhere around 2 years and then take a year or two to flatten out from that down market. So in 3 to 4 years we will be in a situation where we are seeing solid appreciation rates again and values will come back up. Many people are thinking that this is a temporary thing and come next fall the market will bounce right back. Unfortunately this is not the truth.
Currently there are over 9900 homes for sale in SLC and Davis County…and only 1170 sold last month. That means that there is over a 9 months supply of homes on the market, if no other homes come on the market, and 3738 homes came on the market in the last 30 days. Last month we jumped from a 7 month supply of homes to a 9+ month supply of homes.
The good news is that homes are still selling. If the home is ‘priced right’ and ‘aggressively marketed’ it can still sell for a good price.
The other great news for buyers is that people are much more willing to negotiate right now; in fact, builders are very open to negotiation right now. I am seeing some crazy things that builders are doing. Sellers that really have to sell for one reason or another at times are selling well below market value.
If you are thinking about selling in the near future or know someone that is, I can give you an honest estimate of what your home will actually sell for. If you can stay in your home for the next 3 to 4 years, that might be a good option for you.
If you know of anyone looking to buy right now there are some fabulous opportunities to jump into a home.
I appreciate referrals of your family and friends.
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