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Here is the official Sunset Creek Realty “STATE OF REAL ESTATE” as of June 1, 2011. Well, what to say?
The SKY has fallen but not all the way, at least here along the shore in CT. The NEWS according to the MLS
statistics is there were slightly more sales in 2010 (206) than 2009 (186) but radically less than 2003 (328) or
1998 (358). The number of sales along the shoreline are not as bad as some areas that are not as desirable
and where predatory lending has led to a huge number of foreclosures. While there has been a market
correction in home value that began in the spring of 2006, know that loss in our home values have not been
as bad as in some hot spots throughout the nation. We may have lost up to 15% in our property values but
it pales in comparison to some areas of Nevada, Florida, and Southern Cal where loss in home value has
approached 35%.
OK - today’s market LOCALLY. There are more houses on the market now in Guilford than ever. There is well over a years supply (252 as of June 1, 2011) with more listings coming on every day. With a HUGE glut of homes available, more often than not, buyers are looking for the best deal – read that steal. Houses are taking longer to sell. Real Estate transactions are far more complex with more legal, environmental issues and agency issue, not to mention how difficult FINANCING has become. As such more work is required than ever required to sell a property. Although none of us would choose the current real estate climate, it is not a time for a pity party!! So we’ll all get used to the “new normal”, and go on with selling real estate. We just have to work smarter and harder. Let me say that we are seeing a very good amount of activity in the lower price tags as first time buyers are taking advantage of low rates and low prices and a fairly large inventory. Gradually it is having a trickle up effect. FORECAST. I think 2011 will just be an OK year with more balance being established between buyers and sellers. A full return to a more normal market may very well take another two years.
The good news from the Sunset Creek Realty trenches is that we now have 10 agents with a total of over 150 years of experience. We also celebrated our one year affiliation with Realty Group 2000, the 17 member network w/all offices independently owned and operated by some of the best and most experienced agents in the business, period. By advertising as a large group, we can take advantage of the same pricing as the large multi-office companies and yet still retain our individuality. I can guarantee NO one will advertise each property more than us. We are not encumbered by the corporate overhead and as such can allocate our resources where they are the most effective. The bottom line is that we can compete with the big boys (and girls) on any level.
So, bottom line, what to do? Great time to buy. Not a great time to sell. Now, if you are selling and buying in the same marketplace it doesn’t matter when you make a move!! You will sell for lower than you might have two years ago but you will buy for lower as well, it will have the same net effect. I will always advise to proceed conservatively. If you are just selling a property, maybe we wait until we establish a little more parity. In this tough market, it is more important than ever that communication and trust are a top priority in the selling relationship. Even when the news isn’t positive, people still want to be updated on prices and trends. Keeping in regular touch is critical, and even difficulties can bind us to our clients. If you think about it, that’s not surprising. There are many examples in life where tough times can forge tight bonds. When it’s clear that both real estate agent and client are on the same side, trust develops. That trust is particularly important when hard decisions need to be made. I would like to think that we have developed a team here at Sunset Creek that is not only very professional, but one that not only you can trust, but anyone that you might refer to us. We treat people right as we here at Sunset Creek are here for the long run.
OK - today’s market LOCALLY. There are more houses on the market now in Guilford than ever. There is well over a years supply (252 as of June 1, 2011) with more listings coming on every day. With a HUGE glut of homes available, more often than not, buyers are looking for the best deal – read that steal. Houses are taking longer to sell. Real Estate transactions are far more complex with more legal, environmental issues and agency issue, not to mention how difficult FINANCING has become. As such more work is required than ever required to sell a property. Although none of us would choose the current real estate climate, it is not a time for a pity party!! So we’ll all get used to the “new normal”, and go on with selling real estate. We just have to work smarter and harder. Let me say that we are seeing a very good amount of activity in the lower price tags as first time buyers are taking advantage of low rates and low prices and a fairly large inventory. Gradually it is having a trickle up effect. FORECAST. I think 2011 will just be an OK year with more balance being established between buyers and sellers. A full return to a more normal market may very well take another two years.
The good news from the Sunset Creek Realty trenches is that we now have 10 agents with a total of over 150 years of experience. We also celebrated our one year affiliation with Realty Group 2000, the 17 member network w/all offices independently owned and operated by some of the best and most experienced agents in the business, period. By advertising as a large group, we can take advantage of the same pricing as the large multi-office companies and yet still retain our individuality. I can guarantee NO one will advertise each property more than us. We are not encumbered by the corporate overhead and as such can allocate our resources where they are the most effective. The bottom line is that we can compete with the big boys (and girls) on any level.
So, bottom line, what to do? Great time to buy. Not a great time to sell. Now, if you are selling and buying in the same marketplace it doesn’t matter when you make a move!! You will sell for lower than you might have two years ago but you will buy for lower as well, it will have the same net effect. I will always advise to proceed conservatively. If you are just selling a property, maybe we wait until we establish a little more parity. In this tough market, it is more important than ever that communication and trust are a top priority in the selling relationship. Even when the news isn’t positive, people still want to be updated on prices and trends. Keeping in regular touch is critical, and even difficulties can bind us to our clients. If you think about it, that’s not surprising. There are many examples in life where tough times can forge tight bonds. When it’s clear that both real estate agent and client are on the same side, trust develops. That trust is particularly important when hard decisions need to be made. I would like to think that we have developed a team here at Sunset Creek that is not only very professional, but one that not only you can trust, but anyone that you might refer to us. We treat people right as we here at Sunset Creek are here for the long run.