Here are some recommendations for Minnesota home owners, buyers and sellers from the Minnesota Association of Realtors:
Recommendations to REALTORS® and their customers:
- Housing must go on sale. (During the boom, sellers got a premium for their properties–that bloom will be reduced in this market.)
- Prices must drop or homes taken off the market in order to reduce the high and rising inventory.
- Buyers are being realistic in their offers…it is the sellers who do not understand three things:
- Their home values increased a lot from 2000-2005.
- They are selling into a falling market so 10% less today is better than 20% less next spring.
- Selling in this market (getting less for their home) permits them to buy in this market (buying for less).
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Teresa – I totally agree that we need to minimize the inventory across the board.
I’m only taking on sellers that HAVE to move. No more “we’re thinking about it”. They must be extremely motivated and be willing to fix, repair, or replace everything.
I do have a few clients though that have figured out your last comment. The smart ones realize this could be an excellant time to move up. In Kansas City, the very best discounts are coming from the higher end homes.
Teresa, I also totally agree. Here in Morristown NJ the home sellers seem to fairly well have figured out that the sellers market is completely over. In fact we have recently had 2 separate home sellers under price their homes by 5% or more from what the comps said, and managed to get multiple offers making up much of that discount. The best part for them was they were Under Contract in 7 days or less.
Hi Teresa,
My friend just purchased a home. It needed some foundation repairs. The sellers offered to pay for it. He also negotiated the sellers leave the washer and dryer in the home. In this market buyers should ask for the world. If a seller needs to sell he will adjust his expectations to meet the demands of the buyer.