December 7, 2005

NAR Confirms Housing Slowdown

Realtor trade group reports 'modest slowing' in market

I've been reporting since May 11th that the real estate market was undergoing a major shift, now six months later NAR is confirming what I've been saying; the real estate market that we've come to love over the past three years is gone.

Locally less than ten percent of the actively listed homes are selling week to week, and inventory levels are 300% higher than six months ago. It's too early to tell if this is a correction or a long term condition.

My advice is that if you don't need to sell don't list your home. Speculation real estate is over and done with for now. If you do need to sell get real about your price and quit holding onto what "was." It’s looking more and more like todays "below market price" will be tomorrow's market value price. Ask your agent for a detailed statistical review of the market condition in your area and then be prepared to follow the advice you’re given.

By taking your opinion out of the equation, odds are you'll make more money and find the buyer you're looking for.

Read the entire NAR article here