In my local market we had a rough Fall of 07 and a very slow Spring 08. Many buyers are still holding out, either waiting for the market to "bottom out", or waiting to sell their current home. Many sellers are still thinking they have the last home that will sell for top dollar.
Looking ahead, I am recommending aggressive pricing NOW as summer approaches. If a seller heads into August without a strong contract on their home, it could be a long winter. Both the sales and rental market cool off quite a bit in mid to late August in a "non-boom" market. A seller must get aggressive soon as crunch time is around the corner.
Mark A. Moore, ABR - RE/MAX Alliance - Virginia Beach, VA
I agree that pricing right is the key to a successful sale in this market. It is much easier for the seller to get in front of the price curve than when they are behind it because once behind it many will find themselves chasing the price curve down. "The current housing market has placed us in a Price War and a Beauty Contest"
Hi Sam, thanks for the comments. -Mark
Mark you are correct. Without proper pricing all the marketing that is done will be wasted.
I agree Mark. Great post.
Thanks Bill and Richard. -Mark