More activity in the market

Posted at 9:13 AM, Jun. 2, 2009

There is more activity in the real estate market in Deming, NM!  Yay!  Now for the rest of the story.  We have sold homes and that is a very good thing.  The flip side of that is that the ones we have sold have been further below list price than in the past.  Some of the homes under contract are with relocation companies and they want the homes off their inventory.  Some of the homes sold have closed at a lower price than the agreed upon offer because the appraisal came in lower because there are few comparables.  And, some of the accepted offers have been well below list price because the seller was motived to take the offer from the qualified buyer because he didn't know when another one was going to come along.

Buyers, now is the time!  There are still good interest rates and sellers are negotiating. 

Sellers, when you get an offer think about it seriously.  If you "need" to sell your home, think about how many months of payments you will make before another offer comes along.  Sometimes $5,000 less than you want isn't as much as it seems.

Don't misunderstand.  I am not advocating giving your house away.  And I'm not telling buyers to low ball offers.  I am simply stating that there are many homes on the market and few buyers.  Just think about how you can make an offer work.  Talk it over with your broker and consider alternatives.  Look at net sheets with different prices and think about how long it will take for monthly payments to eat up the difference.  If you don't "need" to sell, you may certainly hold on until the prices start coming back up.  Each and every transaction is unique.  The seller and buyer will be the ones to make the decision.  We are just here to help.