We are currently in an “extreme” buyers market. Of course this is the first strong trend of my young real estate career so it is extreme to me. I’ve been around for the last “refi boom” 4 years ago and I will be around for the next one.
Currently there are more homes listed in MIBOR’s BLC (Metropolitan Indianapolis Board of Realtors & Broker Listing Cooperative formerly known as MLS or Multiple Listing System) than ever before currently weighing in over 24,000 listings with more being listed everyday.
Does this mean that homes are not and will not sell in this market? No. It also doesn’t mean you have to give your home away to sell it either. What it does mean is you had better be ready to sell your home if you are going to list it. Meaning you had better paint your walls, clean your carpets, declutter your rooms, closets and garage and keep your yard mowed. Otherwise you are wasting your time and (more importantly) your money.
The current trend that we see right now with buyers is no matter if they have money for a down payment or not, wants the seller to pay for closing costs, prepaids (escrow account set up) and possibly their appraisal and inspection fees. That doesn’t mean every buyer wants the seller’s money but most will expect the seller to contribute to their purchase.
As with everything we live through “this too shall pass” and we will see this trend shift back to the balance point. Howerver, I wouldn’t look for that shift to happen until late spring 08′ or even early summer 08′ as the fed will prolly continue to lower rates sparking buyers to come out of the woodwork again as they did years ago.
Im my opinion this is nature healing itself of over population amongst our ranks. Our real estate team (Red Zone Real Estate Team) is servicing both Buyers and Sellers with our innovative approach to real estate. Visit us online to see the difference at: www.RZRET.com
Compass Realty's Blog 