Sunday, June 11, 2006

The Summer of Seller Discontent?

Given the pathetic sales and pricing (and here) in May, 2006 here in "God's country", one has to wonder if this so-called "buyer's market" is really a buyer's market. I mean, clearly a lot of sellers in Marin are still thinking it is the summer of 2005 as far as pricing is concerned even though a third of them are reducing asking prices. So is it really a buyer's market? Why buy now if prices are coming down and will continue to do so? Surely more and more Marin sellers will get a clue and start pricing more realistically:
May and June are traditionally the best months for real-estate sales, but this May and June have been ‘very, very slow,’ says Dan Scher of Ledgewood, who has been selling real estate for 25 years.”

“It’s the worst market he has seen in 10 years, for himself and other agents. The root of the problem, in his view, is that sellers are stuck in a time warp and refuse to budge from their lofty asking prices.”

“His advice for buyers: It’s not a bad time to buy, considering the large number of houses for sale. But look for a seller who’s aware that this is the summer of 2006, not last year."
As DinOR says over at Patrick.net (I paraphrase): "If the offer you give to a seller doesn't embarrass you, then you are offering too much".

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