If you were currently a seller, what type of home would you prefer to be selling? That is, over the past few months and going ahead (if you haven’t been successful as yet). Yes, I guess that might sound like a silly question BUT if you’ve been trying to sell your detached house for some months you’ll be able to empathize.
Clearly, the magic incantation that could instantly trade the $2MM detached for two $1MM apartments would be greatly in demand. Where is Harry Potter when you need him !! The last few months have clearly been the worst time for a strong display of optimism by many sellers. Sell high and buy low is the current pipe dream. If you can delay your plans you may well benefit from not listing now(or removing your house from the market). Either this or chase the soft market downwards with a series of price reductions. No, I am unlikely to be high on many folks popularity list. For that I apologize. My best advice is to make sure you are dealing with an experienced Realtor; someone with double digit years (and up) experience and listen to their advice. An inexperienced Realtor or a Yes man or woman who hasn’t gone through at least one (preferably more) Bear market/s may be an expensive learning experience.
Much has been said about the cause of the market shift but to state the obvious, less demand exists for the mid to higher priced house. Buyers continue to be less comfortable with the buying decision and there is a pervasive belief that now is not a good time to buy. This is totally the opposite conclusion that should be reached! Yes I firmly believe that we will be seeing a price adjustment in the short term and an average sale price reduction of anything from, say 5 – 12%. Yes, Buyers, now is the time to make judicious offers on the “quiet” listings. don’t be one of the “if only I had bought in October/November of December 2017” group.