Are homes values still on the rise ? Volatile Housing Market Ahead ?

Are homes values still on the rise ? Volatile Housing Market Ahead ? The housing market has lost some of its momentum recently according to a new study by the Redfin Research Center.

A recent report by REDFIN RESEARCH showed that “In August, 26.4 percent of active listings had their prices lowered, the highest in four years” is this a sign of the housing market slowing if not reversing? Daily I see Buyer interest as still strong and investors are still confident that the Single family homes are still a great investment  (see my recent blog The future of Single-Family Rental Market is it gone or here to stay ?) So what would account for the 26.4% downward shift in list pricing. We have always known setting a fair asking price from the outset will generate the most activity from other real estate agents and buyers. You will need to take into account the condition of your home, what comparable homes in your neighborhood are selling for, and state of the overall market in your area.  Don’t guess your price  ask for a “comparative market analysis” (CMA), which shows the prices of comparable recently sold homes, on-the-market homes and homes that were on the market, but weren’t sold. The on-the-market homes are the “competition” for your home. Ask your  agents why each home was included in the CMA and whether any other comparable homes were eliminated from the CMA. Price recommendations based on CMAs aren’t gospel. Some agents will tell you to under-price your home in hope of sparking a bidding war. Others will suggest a flatteringly high price to “buy” your listing only to demand a price reduction a few weeks later. Maybe those 26.4%  price adjustments are a result of Agents buying listing and seller hoping to “cash in” on recent market trends.

Check out tomorrow’s blog about the hazards of over pricing

The complete refine article can be found at Redfin Predicts Volatile Housing Market  09/17/2013BY: HUGH MOORE 

Are homes values still on the rise ? Volatile Housing Market Ahead ?

Are homes values still on the rise ? Volatile Housing Market Ahead ?

 

 

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