Market update provided by Claudia Armbrister of RE/MAX Savannah in Savannah, Georgia.
With more than 8,131 active home listings (not including more than 5,000 new homes for sale under construction & spec homes) as of 1 October 2008 – the trend has been towards a “BUYER’s market” – with a definite increase in sales overall!
We averaged approx. 1,000 new listings per month in 2007 and thus far in 2008 the same applies, plus some. More supply than demand – great for home buyers, not so great for sellers. Higher end homes are languishing in this “SOFT” market. Homes priced to sell (not overly priced) and in great condition are usually under contract in 1-3 weeks, while others linger or incur increasingly lower offers, due to time on the market and the rising costs for seller(s) to “hang on” for that offer they “want”, and ultimately negatively affecting the bottom line.
If sellers want top dollar and to get their home sold in under 60-120 days, they need to price according to THIS more cautious market and have it Model Home perfect and seriously entertain ALL offers – even if it might be lower than they had desired.
Listings are more in demand for homebuyers of homes under Continue reading this post