How to Sell in a Down Market
Anyone can sell a home in an overheated market, but it takes some skill to move your home when the market slows down and sales skills take a precedence.
Who knows for sure where your local real estate market will be next Thanksgiving? Nobody. But this much seems certain: Sellers and buyers in the coming months will need to change their assumptions and strategies from what they’ve been for the past three heady years.
How? Here are a few thoughts, based on observations of what happened — and what worked — in earlier cyclical downturns during the 1970s, 1980s and 1990s.
Prospective sellers and buyers in 2006 will need to be much closer students of the dynamics and psychology of their local markets than they had to be during 2003 and 2004, when sellers held most of the cards and buyers begged them to take their money. If you are seriously thinking about selling your primary home or an investment property next year, first you’ve got to comprehend precisely where your real estate is positioned inside its own sub-segment of the overall market.
Even in a broad down cycle, there may be counter-currents affecting property such as yours. For example, if you’ve got a relatively modest house to sell, it might have a deeper pool of potential buyers than you would imagine in a market that is trending downward overall. That’s because qualified prospects who would otherwise prefer to buy a bigger, better-located house than yours may find themselves locked out of contention for costlier properties made less affordable by higher mortgage rates. via The Washington Post
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Comment by jack mehoff on 28 November 2005:
Global Warming leads to soft landing scenario
Rising sea levels caused by global warming will permanently eliminate densely populated areas on both coasts, experts warn. Southern California, Florida and Cape Cod have already seen huge price run-ups in anticipation of the calamity which has been described by Alan Greenspan as “frothy.” As coastal residents are forced inland, an activity dubbed “surge purge” by Dr. Salvadore “Mustang” Sali, adjacent property valuations are pushed higher by the heavy demand. Of course, the permanent loss of buildable property heightens the effect of surge purge by negatively impacting the supply side. In his soon to be published book, “The Atlantis Effect”, Dr. Sali points to a lesson learned four thousand years ago. “As Atlantis sank and residents were forced to flee to nearby Sicily, the median home prices there skyrocketed,” he writes. “In 1997 BC, only eighty-three grams of salt put you into a median home in the Sicilian market. Five years later, after the last of Atlantis slipped under water, that same home cost more than two kilos of salt!” Dr. Sali sees a repeat of the Atlantis scenario already unfolding in the US and around the world. “More of us will be competing for less land. It’s that simple.”