Sunday, September 10, 2006

Home Sales Forecast Lowered

We felt the need to clear up a common misinterpretation for everyone who follows Real Estate trends. We are being bombarded by the Media on a daily basis that home sales are dropping. What does this really mean???

This doesn't really mean that prices are dropping. What it means is that less homes are selling. There is so much inventory (so many homes for sale), that buyers have a lot more to choose from and leverage to negotiate, but at the same time, there are fewer buyers.

More inventory, and fewer buyers means less sales. This means that when selling your home, you NEED TO DO YOUR HOMEWORK. You will need an agent, or a team of agents that market more aggressively, that have strong selling and negotiating skills, and that give 100% of themselves all the time, not just weekends, or just part of the week. Before you do yourself a disservice, please make sure the agent you are working with knows the area, and knows what they are doing.

If you choose to sell your house yourself and place a "FOR SALE BY OWNER" sign on your property, be ready to spend a lot of money on marketing in local newspapers, local publications, magazines and different websites as well. But also be ready to show your property with very short notice and usually at inconvenient times. Don't expect the sign in the front of the property, to sell your home.

If you feel like reading what the sales forecasts are, please read the following article by the National Association of Realtors.
RICK & INES, Miami Shores FL Real Estate,