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How To Sell More Homes In A Slowing Market
by Blanche Evans
The sky is falling, at least according to the financial press. Home sales are down from year ago levels for the first time in 11 years, and the sixth time in 38 years. Will that sideline buyers? Not if you put them back into the game. You can show homebuyers how they can make money in any real estate market. You can't blame buyers and sellers for being nervous. Sales of existing homes have fallen five consecutive months and fell 0.5 percent in August to a seasonally adjusted annual rate of 6.30 million, says the NAR. Sales are down 12.6 percent in the past year, the slowest pace since January 2004. The median price of existing homes fell 1.7 percent from last year in August, the first time since April 1995 that median prices have fallen on a year-over-year basis; further, it's the second largest decline since the NAR began tracking sales in 1968. Home inventories have also risen, causing a buyer's market of 7.5 months inventory on hand and imposing a significant psychological barrier. A balanced market is considered to be 6 months of inventory on hand. Your inventories may be rising, too. Homes are still selling, but not as quickly as they did. Depending on where you live and how your brokerage operates, there may be a lot of things you can do to improve your chances of selling homes in a buyer's market by better serving buyers:
Published: September 26, 2006 Use of this article without permission is a violation of federal copyright laws. Related Articles: |
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