Recent results remind us of the old days

When you are shopping for a home under $350,000, where do you look? Would you be happy with a 900 square foot 2/1 condo near downtown with one off-street parking place? How about new construction on the fringe of the metro Santa Fe area, with a small yard and a garage, with new appliances of a lower quality? What else is there? Maybe a fixer upper off of West Zia or the near Westside near St. Anne’s? Maybe a tract home in Tierra Contenta will be your ticket, with neighbors everywhere and a long commute to Meow Wolf or the Fiesta events?

Find me the great deals and values and watch while they will sell quickly. Whatever the new home volume is in this market, it still cannot keep up with demand for the lowest price ranges that homeowners are seeking. That drives the minimum prices up and builds a floor on the prices that indicate starter home ranges.

Improving market conditions are usually welcome, but why does Santa Fe not find success in dealing with its “affordable home” problem? For many years the answer has been for people to buy a double wide trailer on a foundation within 45 minutes of town. A lot without restrictions that allows you to do that in La Cienega, at least 20 minutes from downtown, costs over $100,000 and that’s without the home (manufactured or mobile).

In-fill is a popular concept, but within the last 3 years the city powers that be rejected certain in-fill projects because the neighbors made too much noise, or had a close connection to those decision makers. If you drive around the southwestern parts of town, off of Airport, Agua Fria, Alameda and northwest of the bypass highway, there are plenty of tracts of vacant land. Those would not be in-fill really as they are still on the edge of the city. But will all of those parcels get developed into single family, town home and multi-family dwelling units in the next 10-12 years? YES and still we will be short of inventory, primarily in the lower end of the price ranges.

Do we have enough water for all these new homes that are going to be built around here? And they ARE going to be built by someone. When you can get $225 a foot retail for a new tract home, someone is going to build those. Does it matter that we are in a serious drought – AGAIN? Lack of snow melt means the rivers and streams are lower and/or intermittent while the general water table below our city keeps dropping. What can you do?

Maybe one little place to start, and it will take a large majority of property owners to participate to make a difference, is the immediate removal of the Siberian Elm trees everywhere. They are popularly called Chinese Elm trees too, but no matter. They are thick and they grow like weeds even in drought conditions. The only redeeming value they offer is a little shade over a patio or parking place here and there. More often they just grow like crazy anywhere they can get a foothold, such as a fenceline or a wall. I recall a home right on St. Francis that had so many volunteer elm trees growing hard against the foundation, on all 4 sides of the home, that there was no economic value in trying to remove them. Tearing down the home, which was a complete mess anyway, was the logical thing to do. Bring in a bulldozer, and so they did.

I am not an expert on botany or growing things, but I am willing to bet: if 80% of all the Siberian Elms in and around Santa Fe were removed, our water table would start to rebound and our obvious water shortage would be somewhat less of a crisis.

Tree huggers, including me, think of cutting down a tree as a heresy and a sin. It is so dry that seeing anything grow is inspirational, but please not the Siberian Elm. Besides sucking up all of the ground moisture, they invade plumbing pipes and buckle sidewalks and streets. And send their seeds far and wide to pile up like snow drifts. And the branches can break and fall without the need for a major wind gust. They are a non-native species that should be removed. If they cannot be removed, they should be controlled much more than they are being controlled now.

My proposal would be to allow each property owner to keep one mature tree per 10,000 square feet of land. And as the new ones come along, they must be removed before they can sink their water seeking roots deep into the ground. Make it a nanny state battle. The government is telling me I must cut down trees on my property? They can go to hell. At least the City and the County can start on their parcels. Maybe some phase-in time frame makes sense, like 10 years to get into compliance. You tell me how else you can put a stop to the dropping water table and keep us from having to drink from our cisterns (if it ever does rain).

Do you want me to gather some expert opinions about these matters? Why is nobody making noise about this (well maybe someone is)? Why is this the elephant in the room that we are all ignoring? Thanks for reading and hope you can find your dream home soon. I want you to be a happy real estate owner.

Glad to report the news

What a year, what a year! It was easily the best in at least the past 10 years and the foundation for continued growth and prosperity in the real estate sector is solid. The breakdown in price ranges tells the tale in more detail, but you can guess the variations if you have been a student of the Santa Fe NM residential marketplace over the years.

The lower price range (under $500K) is the strongest; big demand and not enough inventory. At least in this lower range there are new homes popping up in several locations around the metro area. The demand is so strong they are selling quickly. An exhaustive search has not been performed to see if ALL the new homes are showing up in the Santa Fe Association of Realtors database. Likely not, so my stats, based on that same database, will be only part of the story. The mid range ($500K to $1M) is not far behind with a good steady absorption rate and almost no new homes showing up for sale. Home buyers looking in this range report back that there is very little quality inventory. Homes that are in top condition with lots of upgrades and amenities sell in three to six months. The rest take longer. And they still must be priced in line with the competition. Nobody is paying “too much”.

The top range, above $1 million, is the strongest it has been in many years as we have a wide range of product located from the hills to the valleys ranging from 100 year old adobes with masterful remodeling to sprawling McMansions on acreage all over the hills. Some have character and charm while others are just plain big. True in any measure, the art is in the eye of the beholder.

Savor the good news now that we are in a balanced and stable market. It has been a long and crazy climb out of the mess from 10 years ago and we hope never to revisit that painful experience. I’d like to propose a toast to a heavy snowpack and a flourishing 2018!

We are working on it

Sorry about the site appearance and apparent lack of current data. Various things have happened to keep me from updating the site on a regular (monthly) basis and there was even a long stretch of time when the site was completely unavailable. Maybe GoDaddy had something to do with it, but they deny doing anything untoward. Despite the problems and difficulties, it should be up and running again very soon…

 

Blogger:  Alan Ball

This was the year we got healthy

That header is not a new year’s resolution, but a market condition statement, saying we “got healthy” in terms of numbers of sold homes and the ever decreasing inventory…So we are supposedly healthy now? We have made up nearly all of the ground lost over the last 10 years and it feels like we are starting over now. Consistently we are seeing home sales per month in excess of 200 units. The grand total dollar sales for the year will easily exceed 1 billion, which has not happened in over 12 years.

Everyone is talking about how low inventory is. In case it’s not clear to you what that means, it means sellers might have the confidence to wait for the right buyer knowing those buyers have fewer homes to choose from. It does not mean that the junk, the extremely dated (can you say mid-century modern?) and the horrible floor plans will all of a sudden start selling. You still have to compete with clean and tasteful product to get a home sold. It might mean more buyers will have to settle for a home they can remodel to suit their needs if they can’t find one they really like as is.

Take some time to review the year-end statistics when they are posted by yours truly about January 10th and you will see unit sales growth in excess of 12% from 2016 to 2017. You will see an increase is sales count in each and every price range (unless it’s the lowest which is held back by that same lack of inventory). You will see Absorption Rates at their lowest (average months to sell all available inventory) in many years.

It is time to send out your thank you cards and start by sending one to each of your customers and to each of your fellow professionals that helped you succeed. And then plan for an even better year next year. I am going to take a bit of time off to travel so the blog posts will be strictly updates on statistics over the next couple months (each month about the 10th) and not so much trend analysis or political musing. You can get that anywhere from almost anyone.

People say a salesperson should not take sides in a political debate so as not to offend or run off the customers that disagree with them. But I tell you a guy that is 67 that is going to remain silent about what is going on in the world today is not someone I would respect anyway. So if you want to hear what I have to say about current events, stick around. You will get more than a lump of coal.

Thank you for your support and encouragement over the years. It is certainly nice to be able to report on positive trends and increasingly healthy sales results in our special market. Who knows, we might see more pastureland turned into ranchitos and mcmansions in the future. We might see a stronger backbone for city infill by the powers that determine who gets water and sewer hookups at what price. Everyone loves open space, but if its weeds and some junk autos and blowing trash, is that the highest and best use by some definition?

Happy new year and best wishes for a prosperous 2018.

JUST LOOK

Just look at these numbers!  We have not seen numbers like this in well over 10 years. The unit sales are up and as we approach the end of the year I believe everything will be up over last year and actually over any other year in the last 10. Granted we are wrapping up the busiest season and some economic signs are very positive these days (do you own some of the big tech stocks?)

Go anywhere in the “pages” section of this blog, where the reports you may want to look at are available on the left margin. Compare the last 12 months with any other recent period and be prepared to let out a cheer. I feel as if the wicked witch is dead.

Things are good enough that we are getting into dangerous territory in the lowest price ranges. The length of time on the market for a home under $300K is well below 6 months, meaning sellers are getting away with selling quickly without as much caution on the buyers side. Many other price ranges are healthy and certain neighborhoods are thriving, but why not? It is about damn time, right?

Enjoy the reports and get ready for a rocking and rolling 2018!!

Thanks

Strong, stronger, strongest

We can cheer and smile just a bit as we continue to build on a strong year, the strongest in many years, and stronger than we have had the pleasure to brag about for some time… The unit sales numbers for Santa Fe residential real estate are running at or above a 10% increase over last years unit sales numbers. That’s some news you can smile about.

Various spreadsheets and charts are available for your review if you enjoy digging into the historical trends and current versus prior tallies. Look on the left margin and select the report(s) you are interested in. Try the Third Quarter chart and note the increases in the 1 Million plus price range, 2016 and then 2017. That is a 42% increase. The entire Quarter, including all homes in the sample, went up 13.6% this year compared to last year.

Inventory is actually pretty low in the more affordable price ranges, with barely over 4 months of product  (using my absorption rate formula), while the overall market inventory to be absorbed, using the current rate of sales, is only 7 months. That is within shouting distance of a “balanced market” and based on recorded history in Santa Fe residential real estate, it IS now a balanced market here. While we have lagged other cities in our part of the US, we are healthy and solid in our growth lines without wild fluctuations that later could result in another bubble bursting… I can almost make a prediction, but I will not because I am careful not to, that we will not see prices and home values going down anytime soon.

But will they go up? Now that we are in balance and not very many new homes are being built to meet the demand for the smell of fresh sawdust, we are likely to start seeing actual price appreciation by mid 2018. It could come sooner but we are entering the cooler months and our winter time sales are usually slower; not as robust as summer and fall. Are you looking for a promise that homes will go up in value next year? That’s what you want? Anyone who promises anything like that is certifiable crazy but it very well could happen. I would be delighted to see some consistent across the board appreciation finally.

Get your deals while it’s still 2017 if you know what I mean. Next year could see the sellers tighten up and be less flexible on price and terms, knowing their home is one of only a few available with the quality and location everyone wants. The beautiful adobe in the more distant hills may not notice the market changes as those homes are less compliant with popular buyer location desires. Sellers, plan now to begin your marketing for next year. Buyers, get your pencils sharpened for the deal you want before next spring brings highly optimistic sellers to the dance. Or just buy or sell when you are ready to pull the trigger. Deciding when to do something based on market trends is not always profitable. Better to do things that work for your lifestyle and schedule than following what the masses are trying to do.

The eyes have it

Just look at yourself and ask if you are the person you wanted to be when you got this age. Is this the paradise you wanted to live in, the rapture you thought you would achieve, the absolute happiness you planned for? What might be missing? Do you think its your health? Do you suspect its your bank account? What about your living conditions? Now that is something we can help with. If you are in a tired old flat with no view and 1960’s decor, you can change that in a matter of weeks.

Changing your health might take months and months, and changing your bank account might take years, but you can buy a home and get settled in about 6 weeks if you have good credit and some money to put down. There are even programs for those will little or no down payment, but the point is you can change that part of your world fairly quickly. Have you looked at what is available? Some say our inventory is low and its hurting sales. Take a look and see what you can find. If you can’t find a home that you would be comfortable in, maybe you are already in the right place.

Now that we have solid and consistent growth in sales units, it is inevitable that there may seem to be a shortage in what someone can buy. Some national and local builders are trying to fill the void with new spec homes and new build opportunities that will prove very attractive to some future home buyers. For most of the last 10 years it made more sense to remodel what you already had than to consider upgrading by moving to a home you would prefer for its size, location or quality. But things are changing and a person’s confidence in their own future can be the reason to move to a home they would be happier living in.

You can shop for almost everything (except happiness) online these days and that includes homes. If you find the one you like does not have good photos, ask for better photos, or make a call to a Realtor to arrange a viewing. Is the information that is published helpful in understanding what the home consists of? Are all the usual categories spelled out (type of heat, types of floor covering, number of interior steps, garage yes or no) so you can get a feel for what the home is like?

And how is your credit these days? Would you be able to qualify for a mortgage (if you require one) or do you need to work on that for another year or two? The usual categories apply: stability and length of time in the job you have now – level of income that can be verified – how reliable are you in paying your bills –  have you filed for bankruptcy in the last few years? Getting your act together is vital to making an offer on a home. If you need a mortgage, you should have already visited with a mortgage lender about what you can afford.

Do you need to sell the home you are in now to buy another one? If yes, should you wait to look for a new home until you sell your old one? Not really because when that day comes you may not find the right home and only have a month or so to look. I would suggest better to be shopping for the new place and as soon as you are comfortable with the home inventory available, then put your current home on the market. You can do both the sale and the purchase at the same time, but do get professional help from a licensed Realtor who knows their way around the process for both transactions.

My Keller Williams website has a reliable and easy to use search site if you want to take a look. Look for the link in the red box in the top right margin and have some fun. I will be happy to help you with whatever you find.

The day of the week of the month of the year

The charts and spreadsheets available to you on this blog site are now updated to include sales and inventory as of the end of August 2017. Eight months into the 2017 books and we are running a nice and tidy 12.3% above last years numbers in unit sales for Santa Fe city and county. That is music to many ears. To finally have consistent growth and improvement in our market is a welcome milestone. Remember all real estate is local and each home and neighborhood have distinct characteristics.

Nobody said it would be easy and it has not been easy to climb out of the deep hole that the economic crisis put all of us into. But we have succeeded and are not planning to fall back in anytime soon. There was a place and time (maybe around 2009 and 2010) when I firmly believed that residential real estate could lead us out of the real estate downturn, the tremendous loss of personal financial wealth and “loss of savings in the form of home equity” that we experienced.

It would have taken a mea culpa from the big banks (the ones too big to fail) accepting the millions of bad loans they had on their books as truly bad loans. It would have taken them swallowing a huge pill of write-offs, effectively lowering the principal balance of millions of home loans by tens of thousands of dollars. And all for what? To be done with the depression years sooner? They got bailed out (at least the ones that did not close up shop) so what did they care? The personal health and well-being of the CEOs and stockholders of those big banks would have had to admit to stupidity and white-collar crime, but it would have gotten things upright in a much faster timeframe.

No it did not happen. They took the bailout terms and never admitted guilt. They foreclosed on millions of Americans who were lied to when they bought homes they could not afford. The big banks profited when the loans were made and got insurance on most of the loans that failed to payoff in full. Those consumers that were innocent and actually qualified for the home loans they took out still suffered because of all the other junk and debris around them. Homes were sold for $400K that were worth $325K. When the home buyer moved in, the appraiser said it was worth $400K. But after the 3rd year of fixed payments, when the monthly debt service doubled or tripled, then the owner had a home worth more like $300K or $325K so if they owed $350K, what were they supposed to do?

I know of many that lived through the storm and did not abandon their homes and declare bankruptcy and/or sign a deed in lieu of foreclosure. They kept paying every month and yes, sooner or later the balance came down enough that they no longer owed more than the home was worth. It took ten years or possibly longer. And the entire time they had no increase in net worth and spent every cent they made keeping the payments up and not taking vacations.

What is your recollection? Here is mine. I am a little bitter about the dishonesty at the top of the money pyramid, and also a bit proud that I did not cave in and deed my home to the bank when it was worth less than I owed against it. Now that its finally worth what I paid for it in 2001, I am selling it. Maybe the money I spent on a new roof, new stucco and other necessary things is offset by the deduction of mortgage interest? I sincerely doubt it, but will do the math if it will help me accept 16 years of ownership and upkeep just to have nothing to show for it now.

The lesson that a home is not an ATM is not that difficult to learn. I never treated my home like an ATM. I used equity to pay for roof and stucco and other things the property required. The tough love that homes do not always go up in value is something I still see people struggle with. They expect their home to be worth more in the years after they purchased it. But in Santa Fe residential real estate, is that a reasonable expectation? Ask your friendly Realtor to help you arrive at a market value. No rules apply evenly to all property.

Remembering the tragic events of Sept 11, 2001 brings humility and respect to front of mind. We only are handed this one life and we should live it to the fullest every day. With hurricanes bringing pain and suffering to so many millions, being thankful for what we have is an everyday event. And if we can help others we are better people for taking action. We all have so much to share.

Every dog has his day

…said someone, once upon a time. I am not going to research the origination of that saying, but it sounds like something Mark Twain or Will Rogers would have said. Or possibly Richard Nixon. And so we find ourselves in the third quarter of the year with continued improvement in sales results and still very reasonable interest rates. The town is heaving with visitors and activity, although most Realtors I know want more showings on their listings. I guess I do also, because homes need to be viewed before they will be purchased. Where to begin? When Amazon starts selling homes from their website, then we will know this dog had his day.

Look at the numbers in the spreadsheets available on the left side of these pages. In all price ranges, the average months to sell has dropped from 9.68 to 7.38 in just the last year. In the popular one half to one million range, the drop was more dramatic, going from 15.46 months on average a year ago to 10.56 months on average now. The absorption rate, which is what we call that calculation, is faster when inventory is lower and sales are up; both of which have happened just since last year. This is a trend line that I have consistently been tracking since we found ourselves in the gutter after the bubble burst. You know that bubble? The bubble that had many believing homes never go down in value and often go up by double digits every year. Everyone was wrong. Competition existed on who saw the crash coming first, but nobody escaped without serious damage. Some are still in recovery. Just now we can say we have almost reached the level of activity we saw prior to the crash and that bursting bubble. Only this time we are on a solid foundation as to value instead of seeing high appreciation unsupported by the large majority of sales. If you spend $750,000 on a home today, it is not likely to go down in value in the near future, unless we are in a nuclear war with seas rising a foot a year and anarchy is the law of the streets. Will it go up in value? Maybe someday, but that depends on you the owner.

Fears of overspending on a home should be all but erased, although it’s still possible to pay too much. No question there are plenty of homes listed for sale where the asking price exceeds the likely final sales price. But buyers have become extremely price aware that price has to be resolved first, then the other issues (location, condition, style) can fall quickly into place. All the sayings about there being a home for every buyer and a seat for every butt will be tested as we move forward with less inventory and a fairly strong influx of buyers. Some buyers become disenchanted once they examine our metropolis and others feel the prices are not justified. But some just have to have it as their own. And we can accommodate those newcomers. Changes happen slowly in an area with such long history. Affordable housing has been a headline seeking a response since I came here in the early 1980s. And likely before that. We still have that problem; witness all the manufactured and mobile homes in every rural quadrant of Santa Fe County and beyond. Last I heard, about 50% of all homes in New Mexico were not site built, but were moved onto the site on a trailer.

This market is healthy, wealthy and wise, to coin another phrase. Or like an old boss of mine (while I lived in Denver) said of himself, “fat, dumb and happy”. Those are things one could aspire to, I suppose.

Get your house while you can, while there is an inventory to choose from. The builders we need to build homes are trying hard to risk speculative home starts and I hope they are amply rewarded. We need more of those in all price ranges. In the meantime, learn your dog some new tricks.

The cat wearing the hat

Your time spent online is yours alone, taking advantage of all the sources and distractions available. This can include reading current news stories, fake or otherwise. It could be sports scores or it could be health advice and new developments in human happiness. A cure for insomnia and relief for those with ingrown toe nails is out there also. Shopping can make you feel better sometimes. You might have to dig for a while or drill deeper than you thought at first, but sooner or later you can find almost anything you want to find on the WWW. Have dinner shipped to your doorstep. I will come by to dine with you.

If you have children and a spouse, and/or friends you connect with daily, its possible your online addiction could limit how much you have to give to those relationships. Maybe they are supporting your habit until you wise up and start participating in life with them again. Online addiction might be only surpassed by opioid addictions. Possibly the others are just as addicted and have not yet realized it; too distracted in their own way to notice your absence and fried brain and bloodshot eyes.

At times, I don’t want to look at the screen, but am willing to listen to the audio of an interview from a TV show, or a TED talk or podcast that dips into a subject of interest to me. Closing ones eyes can feel so liberating in a time of device screen paralysis. Unplugging from the short term pleasure of the skimpy rewards that being online gives you is not easy. I dropped off of Facebook months ago, after many more months of almost no activity or visits. Too many posts of kittens? Yes and too many nonsensical rants about Amurica and who has the right to believe what. I admit to getting news briefs from Twitter, in bites I can digest and at a time I want to take them in.

If I were a video or digital picture artist there are more venues than there are grains of sand. I could post a shot of each piece of toast I consume, with butter or not. I could post pix of my drive to my office, my walk from the parking lot to the office building, and my coworkers standing in my office door complaining about their current state of affairs. It might be fun to share photos of places I have been if only I were a more accomplished artist with a camera. I have photos of beautiful sandy beaches, castles on hilltops, amazing historic ruins only recently excavated, a beach wedding service, a farmers market in a foreign city, plus the selfies with me in all manner of dress and mood. How much fun can a person have?

In words it is left to the reader to paint the picture with a push and a tug from the writer. I write about real estate in this blog, touching on social issues that affect real property directly or indirectly. I occasionally rant about the things I see going on, but also realize if I rant then you are ranting too. Send me yours if it will balance things out between us. Words and numbers are the primary focus of my blog and I hope those numbers are easy to understand and useful to you. They continue to improve just a little bit each month and our residential real estate market in Santa Fe has solid footing and is almost completely finished clearing out the deadwood of foreclosures and short sales. The days of the super bargain are probably gone, even though those were not really bargains after all.

How many calls have I gotten from someone who sees a pretty photo of the front of a home that is listed at $220.000 with over 2000 square feet and 4 bedrooms plus a garage? Why is it so cheap? Well, the actual condition of the property is why. When you see a home in our MLS database that looks too good to be true, it has probably already been picked over by many people with similar ideas. How can I buy this and fix it up a little and flip it for a quick profit? An example where there was enough profit for two buyers went as follows:  First buyer purchased out of foreclosure around $120K and did minor touch up and painting. Sold it for $150K in a couple of months. Then Second buyer did more work to the home, leased it out for a couple of years and then sold it for $215K. Two parties made a few dollars on that one property. Today it is likely worth $250K and might be sold for that if the current owners wanted to sell.

So the cat with the hat is fun and entertaining. So are the Epic Fail clips. Reading Paul Krugman opinion columns online can be educational. Observing the White House roller coaster would be a hoot if it was not so disturbing. Seeing how your stocks are doing is fun as can be lately as the stock market breaks new ground almost daily. And seeing what your neighbor’s house is selling for is also interesting. Focus on what sells, not what is for sale. A for sale home priced at $500K does not inform you nearly as much as the home down the street that sold last month for $445K. Or the one around the corner that sold in May for $467K. Asking price is a suggestion. No more no less. The owner suggests your written offer to purchase should match the asking price or come as close to that number as possible in order for them to respond to the offer in a meaningful way. Ignoring an offer is also meaningful but in a different way.

Santa Fe sellers still collectively hold out a candle of hope that their home will sell quickly and for full price. But history, recent history being the only type that matters here, shows only the lower end price range homes in and around Santa Fe sell quickly and for full or almost full price. Why do other markets do things differently? In a recent referral of a listing ($280K range) in a Phoenix suburb, the broker I contacted did extensive market research and had the sellers do some work to the home before marketing it. Then the first day it was for sale was an advertised open house and 30 people came. Four offers came out of those visits and the one that won the bidding war paid about $11,000 more than asking price. The home closed on time and everyone was happy.

What is the difference between that market and ours? Here the seller and listing broker will price the home somewhere between 3% and 12% above what it will likely sell for. Then they battle to get people in the home and interested in the property. Time goes by and the broker and seller discuss a price reduction. When that hits the internet there is a flurry of activity on the home; some showings and some phone calls with questions about details of the home. But no offer comes and so after a few more months, another price reduction is entered into the system and another flurry of activity starts. Each time the new price is entered, a new group of prospects shows up online or in person. Once the asking price gets really close to the eventual sales price, then negotiations begin and serious contract preparation commences. A meeting of the minds occurs and escrow begins. Once all issues are resolved the closing can occur. And everyone is happy we hope. But maybe the seller waiting say nine months to sell and could have received the same net proceeds in two months had the first asking price been closer to the actual value. And we know that the actual value is what someone will pay for it, not what the seller has invested in it or what they hope to get. I hope to get to the top of the Eiffel Tower someday but I am OK if it does not happen. Sellers maybe should find a way to be OK with a faster sale instead of the same results after many months of anxious waiting and blaming the listing broker. It takes an honest assessment of the market and a Realtor willing to tell the truth to the seller.

Some sellers are not in a rush. Those people have alternative motivations and timelines. They might have $1,200,000 into a property and have already bitten several bullets to get the asking price down to $950K, while in everyone’s heart the final sold price will be closer to $850K. Is this normal for our market? Yes it is. Many examples are out there that are similar to the above recap. A buyer’s task is to separate out the highly motivated sellers from the ones that are just testing the market. Like the wolf going after the slow and slightly lost calf in Yellowstone, buyers will find the seller that wants to make a deal today and is not willing to wait 6 months. If you want to be that seller, that buyers surround and attack, price is your primary weapon. Price it to sell or price it to sit and look pretty. You can find your place in a magazine and wish they used different photos or you can be at the Bank depositing your sale proceeds.

When I get a cat I am going to get him a hat. Until then thanks for stopping by this blog site and feel free to use the statistics with proper attribution. You can disagree or you can do what many others do, use this information as if its your own. Then get a good nights sleep. And turn off your phone.