Tuesday, May 25, 2010
Today Real Estate in Hampton Roads is like a maze. When you enter a maze you may have to keep going back to your starting point and starting over to take a new path to get to the end. In this current market Sellers may find themselves relisting several times before they have a successful sale and buyers may write several contracts before closing on a home.
There are a few reasons for this in and out maze like behavior. Sellers and listing agents have to use every trend and tip in the book to find and attract buyers. The simple fact that the tax credit expired April 30th and many loan guidelines have been changed caused many buyers to be uncertain of the market and now we have a massive reduction of ready, willing, and able buyers. While sellers are waiting for a sale we are starting to see properties that have been sitting for months and a few for years. During this time sellers may also have to entertain more than one offer to find one they can net the correct amount on because offers are coming in very low. Another maze like issue for sellers is trying to keep up with the competition often huge and several price reductions are involved. Buyers are watching for low interest rates accompanied with a great DEAL. Buyers who frequent short sales (preforeclosures) and bank owned properties are often getting the run around.
The maze affect that buyers encounter could be one of many the most common are: Short Sales can take weeks and sometimes months for an approval to sell from the time an offer is written. Many buyers loose patience on the waiting process and go on to another home. Often bank owned properties appear to be a great deal but usually after inspecting the properties closer often buyers go running away. This causes buyers to look at multiple properties. This is simply a trend our Hampton Roads cities are not used to after record sales in 2003 thru 2007. The slow decline in 2008 through 2010 has everyone asking are we at the bottom yet? Many banks and forecast express different opinions but meanwhile serious buyers and sellers in Hampton Roads will continue to wander thru a real estate maze.
"I can dream alone, build alone and strive alone, but true success always requires the help and support of others. Please send me your referrals."
Visit my website today, The Hampton Roads Real Estate Lady! Deandrea "Dee Dee" Jones