A recent article in a Real Estate magazine really said it all – paraphrased: …we feel younger than our age; we weigh less than the scales indicate (if we ever got on them); we feel fine – so there’s no need to go to the doctor…In terms of real estate prices in the Lake Martin area, we may all need a reality check!

Sellers naturally believe their property is valuable. Here’s the bad news - it’s only worth what a buyer will pay. In 2007, sales at Lake Martin were not as brisk as in previous years and many blamed that on the low water levels. However, in 2008 the lake is nearly full, potential buyers are coming to the lake, but sales are still not as brisk as in the past.

In my opinion, buyers are shopping but they are “kicking the tires” and looking for “a steal.” Everyone wants that! Some prices have adjusted downwards, but we’re not seeing any “fire sales” and foreclosures are pretty rare here.

If you’re a seller, consider dropping your price by as much as 5%. If the buyers are looking for a “buyer’s market” why not give it to them? Otherwise, recognize that your home may stay on the market a little longer. If you’re a buyer, make an offer – it might just be accepted!

Most Important – buyers and sellers need to consult with their Realtor®. Both sides need to make sure their expectations are realistic! In the Lake Martin Real Estate market, we need to remember:

Buyers don’t have to buy and Sellers don’t have to sell.
               

This entry was posted on Tuesday, July 1st, 2008 at 10:46 am and is filed under General. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.