Sellers Slow to Realize It's a Buyer's Market
It’s not a seller’s market anymore, but some sellers haven’t gotten the word.
“There’s a disconnect between buyers and sellers,” says Dona Crowder, a former president of the San Francisco Association of REALTORS® and an associate with Pacific Union-GMAC.
“We’ve shifted to a normal market where buyers can negotiate, where they’re no longer in hurry. But some sellers are not aware of the change.”
She says it’s hard to convince sellers on issues regarding pricing because they’re often basing their ideas on sales prices from months before. “Pricing is a matter of perspective. Until you have the perspective, you can’t see anything.”
As the real estate market cools, some real estate professionals are finding themselves in the unfamiliar role of explaining to sellers that they can’t hope to get what they want. “It’s a classic dilemma in the changing dynamics of real estate,” explains John Asdourian with McGuire Realty.“Both parties are slow to accept that change.”
Crowder says many sellers balk when they don’t get the price they want and decide to continue living in the home or rent it.
She estimates as many as 30 percent of sellers don’t need to sell and are choosing other avenues when they don’t get their price. Overall, this is one factor in keeping prices from plummeting, but it’s also keeping sales volume low.Source:
San Francisco Chronicle, Carol Lloyd (09/01/06)
“There’s a disconnect between buyers and sellers,” says Dona Crowder, a former president of the San Francisco Association of REALTORS® and an associate with Pacific Union-GMAC.
“We’ve shifted to a normal market where buyers can negotiate, where they’re no longer in hurry. But some sellers are not aware of the change.”
She says it’s hard to convince sellers on issues regarding pricing because they’re often basing their ideas on sales prices from months before. “Pricing is a matter of perspective. Until you have the perspective, you can’t see anything.”
As the real estate market cools, some real estate professionals are finding themselves in the unfamiliar role of explaining to sellers that they can’t hope to get what they want. “It’s a classic dilemma in the changing dynamics of real estate,” explains John Asdourian with McGuire Realty.“Both parties are slow to accept that change.”
Crowder says many sellers balk when they don’t get the price they want and decide to continue living in the home or rent it.
She estimates as many as 30 percent of sellers don’t need to sell and are choosing other avenues when they don’t get their price. Overall, this is one factor in keeping prices from plummeting, but it’s also keeping sales volume low.Source:
San Francisco Chronicle, Carol Lloyd (09/01/06)
posted by Dan Forbes at
3:56 PM
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