I’m sometimes guilty of separating the markets into two categories: buyers and sellers. People may begin their searches for homes based on how the market reports suggest the prices of homes in a particular neighborhood are trending. If there are more homes than buyers, this is generally considered a buyer’s market. But a buyer’s market reveals something else: sellers who can’t sell, or at least not for the price they think their home is worth. But aren’t those sellers also buyers?
Buyers and sellers are often one in the same. So how do you bring a balance to the transaction where there seems to be none?
A Buyer’s Market
There are innumerable reasons for wanting to buy in a particular neighborhood. In Central Oregon, the reasons all tend to center around the incredible access to the outdoors and the opportunities to enjoy it year-round, the vibrant communities that have grown as a result of that natural beauty, and the services these communities provide. While the supply of homes coming to market and new construction is still not equal to the number of people who would like to move here, it is considered a buyer’s market. Yet, buyers overlook those obstacles. The problem with that enthusiasm is usually found on the other end of the equation: the home they have to sell to move.
A Seller’s Market
More buyers than sellers are considered the best reason to sell your home. Yet a major real estate agency asked its brokers about the so-called state-of-the-market, focused on this disparity. What they uncovered was somewhat startling. Sellers are more anxious than their counterparts.
Some of the reasons sellers are not putting the sign on their front lawn, despite an active market place of historically low rates include these concerns: fear of finding a replacement home, difficulty determining the real worth of their property with or without basic improvements and the concern that they might not be able to ‘move up’. A few of those question cited their current low mortgage rates and even fewer pointed to a situation referred to as ‘being underwater,’ with the property being worth less than the payoff.
Bringing Buyers and Sellers Together
Three things must happen in order to rectify what could eventually be viewed as a stalemate. Sellers need to place realistic prices on their homes and buyers need to waive contingencies. This advice should be heeded by both parties who are on both sides of the equation at the same time. A seller is a buyer and vice versa. A good realtor can help bring a dose of reality back into the situation. This by no means is a suggestion to give away more than you are comfortable with. Instead, a good realtor will be pragmatic and to some degree, ready to reconcile the two competing requests from the same party: you want as much as you can get for your home while paying the least possible price for the home you are buying.
At the Jones Group @ Sunriver Realty, we carefully vet each client looking to buy and work closely with those looking to sell. We put the ‘real’ in real estate and hope that we can work you through both sides of this difficult issue.
How can we assist you today?
On behalf of The Jones Group @ Sunriver Realty
Nola Horton-Jones, Principal Broker/Realtor | ABR, C-RIS, e-PRO, GREEN, RSPS, CCIM Candidate
Bryce Jones, Broker/Realtor | ABR, CRS, e-PRO, GREEN, GRI, RSPS, SFR
Karen Marcy, Broker/Realtor
The Jones Group @ Sunriver Realty | 57057 Beaver Drive | Sunriver, OR 97707
Mobile: 541-420-3725 | Mobile: 541-420-4018 | Mobile: 503-327-9611 | Fax: 541-593-5123
Licensed in Oregon