"Existing condominium and co-op sales increased 6.4 percent to a seasonally adjusted annual rate of 500,000 units in April from 470,000 in March, but are 9.4 percent lower than the 552,000-unit pace a year ago. The median existing condo price4 was $173,900 in April, down 18.5 percent from April 2008."
These are two good articles to read whether you're looking to buy, sell or rent out your place.
Last night a buyer that I'm working with submitted an offer, a good offer - not $100,000 below asking, and after the agent told me that her seller had turned down an initial offer when they first listed - before the price reduction - they want to counter at full price.
Surprisingly this isn't common. Unfortunately I don't believe that seller's are being educated by their agents as to our market. Or perhaps they are in denial. Seller's need not give their places but they shold understand that it is a buyer's market, numbers are low, prices are depreciating and inventory is growing. Not to mention buyer's are cautious not to overpay and understand that their new place will probably depreciate some more during their first year of ownership.
Seller's are competing for a smaller pool of buyers so a few things to consider when selling and preparing for an offer.
- Make sure your home shows great, smells great and is sparkling clean.
- Accomodate as many appointments as you can, even last minute ones.
- Be ready to negotiate any offer low or not. You don't know when or if there will be a next one. Always always counter.
- Study figures monthly. What sold last month isn't valid this month.
- Reevaluate and review feedback provided by your visitors.
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