Declining economic conditions during 2008, including an acceleration of decline during the fourth quarter, along with large numbers of property foreclosures glutting the market, contributed to a difficult year for property sellers.
One of my first encounters with a US Army Drill Sergeant was the proclamation of this statement: “pain is weakness leaving the body.”
I believe that same statement applies to our collective financial body right now, although we have a lot of “working out” to do over the next few years, don’t we?
Chuck Norris can not help you, Atlanta Sellers.
Low interest rates, declining prices and a high inventory of listings combined to make 2008 and 4Q 2008 particularly, an especially good time to buy property, but what is a Seller supposed to do in 2009?
Right now appears to be an even better time to buy, so a Seller should do what they know they should do already:
- price the property to be competitive, not to be merely “negotiable”
- stage the property to be the prettiest property on the block
The rate of decline in each quarter’s sales over the same quarter of the previous year, increased substantially through 3Q 2007, then remained fairly stable for the next 2 quarters.
The rate of decline then began to slow during the second and third quarters of 2008, after which sales slowed again in the fourth quarter.
Sellers all look forward to the coming quarters for some relief, and if you don’t need to sell right now, then you should not sell right now.
70 out of 100 “attempted” sellers, just don’t seem to get that – see the “Mother of all Intown Atlanta Real Estate Charts” for a closer look.
Call us if we can help you!