In a recent article in the Wall Street Journal Online it says, "In the latest news from the slumping U.S. housing market, a report released this week says that median house prices are likely to decline more than 10% over the next few years in 20 metro areas, including Las Vegas, Tucson, Ariz., and Washington, D.C.
The report, by Moody's Economy.com Inc., a research firm in West Chester, Pa., also says that the slump won't end quickly. Indeed, according to the report, prices may keep falling until 2008 or even 2009 in some areas. In all, prices are falling or likely to decline soon in about 100 metro areas, the firm says."
What does this mean for home sellers and Realtors? You'll probably get MORE for your home TODAY than you will 6 months to 3 years from now so you can't make a half hearted attempt at selling your home if you really want to get it sold. Buyers know that prices will go down so many are deciding to wait which means less buyers for more homes thus heavy competition.
Home sellers should not simply "wait" for the right buyer because this waiting in a declining market will only result in a lower home sale. Home sellers who are selling in this market are the ones who compete the best. They have their homes PROFESSIONALLY Staged, use a top notch Real Estate Agent to market the home and price the home right (using a range if need be to get better Internet exposure.)
There are buyers out there so it's just a matter of attracting them with a good agent(getting traffic) and capturing their hearts with a good house marketer or home stager(home staging). Do it now or hold your peace...