Real Estate News
There is a lot of news about the real estate market lately as there seems to be a shifting going on throughout the country. A recent Wall Street article sums up the action:
There are a lot of unhappy people in the housing market right now. Among the most miserable are sellers realizing they have listed their properties too late.
Jennie Jackson, 33 years old, listed her three bedroom Las Vegas home for $465,000 earlier this summer. In March, her neighbor sold a comparable home for about $485,000, she said. Over the course of 35 days, she cut the price three times. She recently accepted an offer for about $405,000.
"I thought this might be the highest offer I'll get so let me get out while the going is good," said Ms. Jackson.
Homes that have been on the market for three months or longer are reducing prices by around 11% from the list price, according to the National Association of Realtors.
With rates pushing the monthly mortgage payment for a typical home 60% higher than a year ago, many buyers are unable to come up with the funds to purchase a home. As a result, sales of previously owned homes fell for a fifth straight month, dropping 5.4% in June to an annualized rate of 5.12 million, according to NAR.
Veronica Dagher, Wall Street Journal, August 8, 2022.
If you have a home to sell and come across one of these frustrated buyers, this may be an opportunity to offer Owner Carry and come up with some creative options to entice your potential buyer. Maybe show him comparable sales prices in the neighborhood, then offer - up front - a discount on the price. Now, negotiate what he can give you in return to make a sold transaction for both of you.