We are starting to see a change in the Real Estate market.
Prices are slowly stabilizing to lower prices from what we have seen in the past.
The reason for this change is due to the economic factors of supply and demand.
More homes on the market, less buyers buying. Therefore only the well priced homes will sell quickly.
Other factors come into play which is why your property should present itself well and be priced correctly right from the beginning.
Homes will take longer to sell. Average days on the market are 40 +.
Changes with the lending institutions also play a factor in the changing real estate market.
1) Tougher qualifying.
2) Buyers need higher credit scores.
3) Buyers need more money down because the lenders see values continuing to decline.
4) No more NO Money down or 100% financing available.
With these changes in the Real Estate market it is imperative that if you want to sell, you hire a strong agent who will tell you the truth on pricing and provide the tools to get your home SOLD Ready!!