Waiting For The Market To Get Better? MUST READ!!

As you can probably imagine, sellers have been telling me that they are, "waiting for the market to get better" for the past 4 years. Unfortunately for many, if not all, the value of their home has fallen lower the longer they wait. It is imperative that potential sellers understand what is happening in "our area" and not follow the national trends. I can tell you that I see three things currently happening:

#1 - Foreclosures are making up a large part of the market (all markets)
#2 - Homes needing to be reduced in price to sell
#3 - Homes selling for less than they did 6 months ago

These are not predictions, rather, three things that are currently happening. When you remove "opinion" and start to deal with "facts", the potential options become very clear.

Is waiting really an option?

Yes - of course it is. Home prices will start to rise at some point, but, please be clear that we are NOT seeing any signs of that happening in the San Diego Metro.
After considering all the market data - I feel there are two "safe" options for sellers and here they are:

#1 - Sell now for what the market will allow in price.
#2 - Be prepared to wait another 6 plus year for prices to come back.

Here's why I am comfortable with this advice. If you are okay with waiting 6-8 years to sell and things get better sooner, you can't loose. I am wanting sellers to stop putting their hopes on unrealistic expectations. Waiting another year or 6 months is a BAD PLAN that is not supported by any reliable data. Please understand that I hear your stories and hardships daily. Real Estate is still in a point of correction and the most important thing you can do is deal with the reality of the situation and make the best choices within the spectrum of reality.

Obviously - each situation is different and we would need to look over your home and what's happening. The best thing you can do is get "realistic" advice.

The good news is that in 2010 - San Diego County sold just over 25000 homes.  That means that more homes are selling, but, prices are still declining.

Finally - what does that mean for a buyer? It's simple - if your planning on buying to sell in a few years - bad idea. If you are planning on buying and selling in a decade, you will be okay. Again - the general theme is that the short term is risky.

Just know that I am committed to giving you all straight talk as good or bad as it may be. You'll thank me in the end.

Remember that I have sold 100 homes in the past 3 years and am working this business daily. I just sold my 9th home for the year and am getting great results despite the market. As always - call me if you need me.

Something to consider.

Kobe Austin
www.groupaustin.com