March 19, 2009

The tides of the Real Estate Market

Many of my clients are trying to predict the exact day that the market will hit absolute bottom.  With 50 homes sold in January, according to the NWMLS, compared to 64  the year before, andwith  February's margin wasn't that much different for our area, there is no "inside scoop" (RIP S.P.I);  sales are down.

And so the New England-er in me thought, maybe our markets are tidal. There are exact highs and lows, but for the most part, there's a broad brush stroke to work inside.

Boaters don't necessarily only take their boats into coves at exactly high tide.  They look for the signs, the watermarks, the outcroppings, and using their good judgement, or that of those before them, sally forth, or stay away.

Properties aren't dropping $80,000 in a weekend across the board.  Yes, there are some amazed buyers who've submitted offers and had them accepted, but really?  The reality is that accepted offers are still right around 10% of listing price.     It's the difference between the offer being accepted, and a ship wreck.

More good news?  The homes locally are holding value.  These prices aren't sea monkeys, and they don't take a dive after one weekend on the market.

While we're in our market's low tide, many things are uncertain, but one is for sure:     if you don't get in the market, you're going to get stuck on shore.

-It's tangible, it's solid, it's beautiful. It's artistic from my standpoint, and I just love real estate.

Donald Trump

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