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Why post this video, called "Shift Happens" and what does it have to do with real estate?
Well, the answer is that these changes happen on the local level, too. Your expectations as a buyer or seller change over time. The behavior of the marketplace changes overnight. If you're a buyer, what you think you want may change by the very act of looking at homes. It's not that you don't know what you want, it's that you might not know the possibilities. If you're a seller, your position in your local marketplace may change dramatically with the sale and settlement of one property. In a weeks time, you might move from here in scheme of things:
Property A: listed for $380,000
Property B: listed for $385,000
Your Property: listed for 383,000
Property D: listed for $379,900
Property E: listed for $379,000
Not a bad place to be and priced competitively in the market. But in a very short period of time, that same market might look like this:
Property A: expired
Your Property: $383,000
Property B: $380,000 (reduced price)
Property C: 379,900 (reduced price)
Property D: Sold
Property E: Under Contract
Property F: $375,000 (New listing)
Property G: 374,900 (New listing)
Property H: $369,900 (New listing)
You can see that you're now the most expensive home on the market, which is not a good place. The hardest thing for sellers to realize is that they don't control the market. The second hardest thing for them to realize is that their agents don't control the market, either. Like the video, shift happens. The best you can do is stay knowledgeable and aware, and try to keep up. It's a good idea to ask your real estate agent to give you market updates on a regular basis.
By the way, the article that got me to thinking about this is from Broker Agent News. It's an industry publication that tries to keep us real estate agents aware that shift happens to us, too.
(C) Susan Pruden. | 
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