The National Association of Realtors said sales of existing homes fell to a 15-year low in July (off 25% from July 2009) and new home sales are off 80% from the peak 5 years ago; those are some staggering headlines we’ve been seeing in the last couple of days. We all know the pace of sales here locally has been off from the activity in early spring through May, I believe it is the abrupt change that has us spooked. There are always ebbs and flows in every market and as I like to remind myself (and my clients) we can’t appreciate the good times unless we have the not so good to contrast.
It is a trying time if you are a seller in this market and feeling frustrated. But remember these are just statistics, not your personal situation. I have taken some substantial price adjustments this week in managing my listings to be more in line with the current market. I am fortunate to have clients that trust my market knowledge and know I am there for them every minute. Working hard, even on July 4th, when everyone said we were crazy for doing open houses; that act alone has resulted in a sale for some dear sellers who are relieved to be spending these hot days of summer packing!
To read the entire article from the National Association of Realtors, go to:
http://www.realtor.org/press_room/news_releases/2010/08/ehs_fall