Thursday, October 05, 2006
Sellers are learning
Buyers have expected good deals for months. Sellers have been slow to recognize the fact that the market has changed, that they no longer are in control and can't expect quick, top-dollar sales. I've been working with clients who are looking for a short-term rental of three months or so. I asked agents in the 15 Hearthside offices if they knew of any. The large response was surprising. A number of sellers are willing to consider such a rental, cognizant of the fact that there homes will be sitting longer. They probably figure they might as well be making some money off it. A second observation, I'm seeing a lot more price reductions and incentives from sellers. Sellers have come to the realization that the market has changed, and they are starting to react to that change. Equilibrium is getting closer.
