Hello, Trent Woods neighbors!
If you have just awakened and realized that the real estate market has "shifted," let me explain why this happens. "Real Estate is a cyclical business. What goes up must come down. And what is down won't stay there. Shifts are never unexpected but rarely predictable. You know one is coming. You just don't know when. They are, in fact, inevitable - shifts happen." (Pg.7 of The Shift by Gary Keller, Dave Jenks and Jay Papasan.)
Having just returned from a week-long seminar for top real estate agents, I now have a better understanding of what is going on in our country in real estate, but better yet in our hometown. Real estate agents everywhere are experiencing a different market and it is their responsibility to educate their clients about what is happening and how best to tackle this shifted market.
Most buyers today are bombarded by the media, well-meaning family and friends and are letting others do their thinking for them. Although these trusted sources have been time tested, one thing is obvious. They are not real estate experts and everyone has a different take on what to do with this market.
What to do? Seek out the experts! Just like you would with any professional, you want to make sure that the information you are getting is correct and timely. This real estate market is changing monthly so each month brings a different set of strategies for buyers and sellers. Buyers and sellers need Realtors® to help them more than ever. You should expect your Realtor® to be armed with numbers and facts in this market.
"Reality is you can't sell high and buy low at the same time. If you sell and then buy during a seller's market, you will get more when you sell and pay more when you buy. When you sell and then buy in a buyer's market it only makes sense you will get less from your sale, but be able to make it up with greater savings when you buy." (The Shift, p. 182)
The end result should be that home ownership is best viewed as a long-term investment just like shares in the stock market. From your Realtor® you should expect local market statistics, financial information, and economic facts. Armed with these statistics you will self-discover that we are solidly in a "buyer's market"; in other words, this is the market where buyer deals are found!
The current market brings opportunities and once they are gone, they won't come back until the next cycle. And then prices will be higher. The market isn't dead or dormant and your Realtor® needs to educate you on why that is. It is normal for buyers and seller to be skeptical in a shifting market but remember to get advice from the professionals who are trained and study this market every day. Call your trusted Real Estate professional today and ask about their "best buy" list!
I will bring you more from the best selling book The Shift in next month’s column. This book is about real estate in today's market and I believe it should be required reading for every Realtor® out there.
Now go get those great deals that New Bern offers us in real estate!
Your neighborhood real estate consultant,
Donna Harmatuk
Trent Woods August 2008 Real Estate Update
(From Neuse River Region Board of Realtors® New Bern MLS System)
TRENT WOODS Homes for Sale: 62
$100K-$199,999 = 8
$200K-$299,999 = 21
$300K-$399,999 = 11
$400K-$499,999 = 15
Over $500,000 = 7
Homes Sold (Pending): 6
$100K-$199,999 = 1
$200K-$299,999 = 2
$300K-$399,999 = 1
$400K-$499,999 = 2
Homes Sold and Closed = 8
(August 1-31, 2008)
$100K - $199,999 4
$200K - $299,999 3
$300K - $399,999 1
Average Days on the Market: Trent Woods = 159
Average Sales Price: Trent Woods = $220,518
List to Sale Ratio: Trent Woods = 96%
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