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Realtors say home prices are stabilizing
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Realtors responding to the Third Quarter Home Gain Realtor Survey describe a housing market with a disconnect between buyers and sellers: buyers think home prices are still too high and assume they will drop, while sellers think their homes are worth more than the listing price.
The survey showed several interesting trends across the nation:
1. 54% of Realtors said the homes they listed sold for less than a 5 to 10% difference between list price and sales price, which means that these homes have been priced pretty well for the market.
2. 69% of agents said they are convinced that home prices have hit bottom.
3. 85% said that buyer clients still think that homes listed for sale are overpriced.
4. 71% said they persuaded their clients to list a property for less than the what the sellers first thought their property was worth.
5. 75% said their seller clients initially believed their homes were worth more than the listing prices recommended to them.
What does all this mean for the housing market? Basically, it means most consumers are a bit unrealistic about what homes are worth, regardless of whether they are buyers or sellers. This is one reason it makes sense, whether you are a buyer or a seller, to work with a Realtor who knows the local market well so you can be sure you are getting (or selling) a home for the fair market value.
Interested in becoming a homebuyer? Get solid answers to all your questions and learn how to make a sound investment by ordering my book: "HOMEBUYING: Tough Times, First Time, Any Time"
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