THE MARKET LIES, WAITING

08.28.08

As we get through the Labor Day weekend and move into Fall, there are many listings on the market around our NW corner and into the Berkshires of Massachusetts, and over the line into Dutchess and Columbia Counties of NY.

Looking activity is encouraging as it has been quite busy in the last couple of weeks. However buyers are still looking for (more) price drops. This may not happen. With some exceptions, the pricing of most new listings is far more appropriate to what I feel is their correct value under our "new" market conditions. There are some glaring exceptions however and I don't understand the justification for those that are in my opinion, still "wildly unrealistic". There is either very poor broker advice/analysis, or the Sellers (of these) are just not on the right planet.

The buyers who are looking with serious intent are aware that prices have moderated, significantly in some cases, and will be able to get a fair buy if they move fast enough. Those that are looking for further drops may get left behind.

Sellers are also realizing that to move on, they will be getting less than they might have before the "changed market", but will be able to move on to the next chapter of their lives and cut the cost of retained ownership.

Over the long term, buyer demographics are changing and this will probably mean longer selling time for many listings' categories, once "hot" in the former market.

©2008 R. Leech features.