Contributed by Lynn Kimball
Meadows Mountain Realty
November 1, 2012
We’ve had a great deal more activity this year with prospective buyers and Offers to Purchase. However, buyers and sellers are not coming together in many cases…thus not ending in sales Contracts.
What are the issues creating this scenario? Most real estate professionals agree that we are at the bottom of our market. I had a local man recently tell me that he had to buy some local real estate because they are giving it away! However, buyers and sellers often do not agree with the “bottom price”. Buyers in this economy are expecting to make an exceptional deal. Sellers in many cases have drastically reduced their prices downward over a period of time from previous market conditions. They may be already at the bottom of the market.
Here are examples of what we are experiencing:
A seller may have started listing their property at a price of $600,000 and by now have reduced their price to $395,000. The buyer makes an offer at $300,000. The seller feels like they are already at their bottom BEFORE they received the Offer….when in fact $395,000 could be an excellent value.
The other side of the coin is that a seller may have an elevated opinion of their property based on previous years. In this case it is difficult to get agents and/or clients to even look at the property. A buyer decides it is probably a nice property…although pricey, but feels the seller will come down to today’s market value. These cases rarely come together and conclude in a sale.
I believe this is a phase. Activity is an improvement, but bringing together buyers and sellers is much better. In time, I believe it will even out. The best new is we are experiencing an upswing in real estate sales….which is the backbone of our economy in Highlands.
I highly recommend finding a professional Realtor whom you can trust to guide you in the best direction.
If you want a good overall introduction of our area and to search available properties, you are invited to visit my user friendly website at www.signatureproperties-nc.com. Meadows Mountain Realty has two locations, one is downtown at 41 Church Street in the Old Edwards Inn complex and the other is at 2334 Cashiers Road across from Highlands Falls Country Club. Lynn Kimball may be reached at 828-421-8193 or by email at Lynn@MeadowsMtnRealty.com