Rizzotti JH Real Estate Blog

The MLS stats indicate mostly higher inventory and significantly lower sales volume, in most areas and most property types. Thats fairly common knowledge. Whats next? Where does the market go from here? Many agents I speak with daily, are indicating that sellers in general who have been unsuccessful this summer, must focus on pricing. There is a price for everything! Forget summer of 2007! Times are changing. Work deals till they are dead. Will conditions improve in 2009? Dont bet on it.

Remember the boom of the past few years, and its duration. It would not be unrealistic to expect a similar duration of this current market conditions.

However, at the end of the day, I keep reminding myself that I live in this wondeful place called Jackson Hole. Prices are not plumetting! Correcting, yes. Its not the end of the world. Likely, you did not move here to get rich in real estate or for the value of your house and all your neighbors, to be worth millions!  

Take a hike, go mtn. bike of fly fishing. Look at the surrounding scenery. The new tram! Priceless!

Ken

Lower sales volume in the Jackson area compared to 2007 and increased inventory are the most noticeable. I keep hearing my Realtor friends saying the sellers need to be more realistic. Yes, holding on to prices of last year, when there is a higher level of inventory and fewerr number of buyers does not equal a sale. Sellers need to be competitive and that is ususally in the form on a realistic, competitive price, based on the recent sales comps and current active listings and pending sales.

In a more normal market like we currently have, any negative aspects of a property become more significant. Curb appeal and condition are very important. Be realistic, and if you have a buyer, try to work with them.

Good luck.

Ken