Just How Many Homes Really Are Selling in the Region (Ridgefield, Redding, Wilton, …)
October 1st, 2008 categories: Market Data & Statistics, Redding, Ridgefield, Talking Real Estate, Wilton
As the media bombards us with enough doom and gloom to last for the next 10 years, you can be sure there’s more to come. But everyone keeps asking me “how bad is it… really? You know, with real estate”
Truth is, no matter how bad the market appears on the new, people still need to buy and sell homes. Workers are still being transferred, families are still growing, folks are still dying, divorces are still occurring,life dreams are still being realized… So you see, life goes on no matter what happens in Washington or on Wall Street. An believe it or not, mortgage money is freely available to ALL qualified buyers! And at great rates.
It’s not fair to say all is rosy but you can’t say the real estate market has totally fallen apart either. Overall, compared to 2007 (which by the way was not stellar but not so bad either), the region shows a 27% decline in single family home sales. 27% fewer players means a little less liquidity in the market and generally you’ll find it takes a longer to sell. However, the market is still active, just not as much as last year. As the market has shifted to favor the buyers in price negotiations, and prices will continue to decline somewhat, it’s crucial for sellers to price their homes at or below market value.
Bottom line for sellers is that to be included in the 73% of transactions that continue to occur, be smart and price to market. Overpricing you house will be frustrating, stressful and ultimately leads to more stress and less money.
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