Good morning Everyone,
Attached is a
great article from this Wednesday’s Wall Street Journal that you need to read
and that all sellers need to be aware of. For the following reasons,
sellers should not hesitate in this market. The first offer is usually the best
offer – get it negotiated! And, if they need a price reduction they
should get on it now. Here are some take-aways:
- Spring has not sprung in the National Real Estate
Market and for spring it’s sluggish locally.
- In 40 states, buyer traffic is down significantly at
Open Houses.
- Fewer Investor buyers has weakened demand and
inventory is rebounding.
- Buyers are struggling to adjust to higher prices and
higher interest rates.
- Principal and interest payments on median priced
homes are up 20% from one year ago.
- Locally, the Fresno MLS reports that approximately
28% of the 2,2005 active listings in March had at least one price
reduction.
- As of 4/16/14, the MLS shows that in the last 24
hours, 81 residential properties were listed and 71 price reductions were
reported.
- For March, sales were down 11% (year over year).
- Total active listings in March were up 51% from last
year (increased from 1,564 to 2,360).
