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Local Listing Inventory Takes Critical Hit
By Richard Eimers, June 27th, 2017
We, being local full time local Realtors have been discussing the shift that has taken place over the last 12 months from a "Balanced Market" to a "Seller's Market". So many sellers have been reluctant to put their properties on the market for fear of saturation of inventory and the return to a "Buyers or Balanced Market" which could adversely affect the continued appreciation.
As a large part of my business I list and sell properties that did not sell during their listing period with their last Realtor, commonly referred to as "Expired Listing" and I have found 2 things to be true. 1st the Expired Listings were a little over zealous in their pricing and 2nd what may have been over priced 12 months ago maybe fair market value today. As always fair market value is based solely on recently sold comparable properties and nothing else, by correctly pricing the listings I take,pricing with-in 5% of fair market value the are under contract with in 14 to 30 days.
Buyers are waiting to buy, Buyers are also a great judge of value as they are actively comparing comparable properties, if they are not writing offers on actively for sale properties there is a very good chance those properties are over priced more than 5%.
Sellers who price their properties based on what their friends or neighbors say or on their feelings or the need to pay off some debt are missing the boat.
The price ceiling of our highest prices of 2005 has been raised, there are some parts of our market, as an example - the east end of 30A, have already exceeded that ceiling. Many of the shoulder markets still have approximately 20% to 30% growth before they reach that ceiling and these increases can only be accomplished incrementally, so there is still plenty of value opportunities out there.
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