Rizzotti JH Real Estate Blog

When few properties in the Jackson area are selling, it is hard to get a read on the direction of the market. Sellers are for the most, still holding on to expectations of selling at 2007 prices. Buyers want deals, and there is a standoff.

If your a buyer, dont be afraid to make your offer. No venture, no gain. Sellers, if your circumstance dictates you need to sell, get real and drop your price and move on. I have seen markets like this before. Usually the offer you have now will be better than the one you get in 3 - 6 months. Consider the inventory level. Is it likely to shrink or expand. If you slash your price and sell and stil lhave a profit, dont cry over the fact that you did not sell at the top. Such is life.

Agents: Thanks for all your feed back.  

Good luck.

Ken

We were spoiled tha past few years, with a very vibrant and at times, euphoric real estate market. who said teflon! Well every market has a cycle and those who knew this may have preserved equity or saved themselves from a risky project. Yes, cycles go up, down and sideways, and are in constant motion. Its hard to always tell the phase of the cycle, until you look into the past. Correction is the current phase of the cycle, nationally, regionally and locally.

Long term things will level out and become a more stable market. But, markets often over react to the upside and downside. Understanding this and being able to communicate this to your clients is critical.

The higher inventory levels nationally and locally need to be reduced in order to reach a stable market. This will take time. Also, the expectations of the buyers and sellers will take time to find a common ground.

Happy Thanksgiving.

Ken

Attention all agents, what ever you can do to report sales prices in this thinly traded market is appreciated. Not reporting sales prices makes it difficult to appraise.

Ken