WHAT’S GOING ON?

06.26.08

Believe it or not, there is quite an undercurrent of sales business going on around the NW corner as this is written.

Yes, business is slower than all of us would like. Yet, deals are being made, mostly in the lower priced property categories, although there are a few contracted sales over $1,000,000 that will be closing in the next several weeks.

Most pricing in the lower ranges has adjusted appropriately to the market conditions that are becoming a "new-value" reality. Pricing higher up the ladder has not been responding accordingly, however the transaction prices that one can see when they become "public" will show some significant differences from the listed prices.

This reflects a reality that most sellers reluctantly realize: to sell and close, they must acknowledge that in most cases, the "old" values aren’t attainable right now, and waiting for any recovery might well be counterproductive if they hold out for better days, that might not come for months, if not years. Setting "base-line" selling goals may not work either.

The key now is "working" the deal when one is offered by a buyer. They have a lot for comparison shopping. Stubborn sellers make deals happen for others. What is "too low" a selling price when an otherwise reasonable offer is submitted? That is squarely on the Seller’s shoulders. This isn’t a market where waiting bodes well if a "gift" offer is turned away.

©2008, R. Leech features.