Monday, March 19, 2007

The activity in the market has not picked up as it should have by now. This leads me to believe that most sellers are going to have to reduce their prices to pre-2005 levels to get a sale. If some commodity will not sell at its asking price, the only way to get the commodity "off the shelf" is to reduce the price. When a new property comes on the market, if it is overpriced, it will just "stay"---and stay and stay and stay. Even reducing the price later is not as effective as being priced correctly in the first place. Most agents and sellers have a very difficult time pricing the property in this market.

Try this----Go back to when you bought the property and then figure a ballpark increase of 7 per cent per year. Does this give you the price the property should be at now? I am going to do a little research to see if this does not give a good estimate as to the real value of the property. I will let you know. Ruth


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