I have come across a notable trend recently that begs to be discussed. We all know that buyers & seller like the idea of saving money when dealing in real estate by not enlisting the services of a REALTOR®. While this can be the case, often times it is not and I am seeing a sad trend emerge as of late.
I have been asked to do a Comparative Market Analysis (CMA) for several sellers recently where the home owners had purchased the property through a private sale and are now asking for my services to sell the property some years after the fact. Several times now sadly, those CMAs have come back lower than the price the owners bought the property for. In thinking that they were saving money by not paying a commission, they were unknowingly spending too much on the property only to find out a few years later that it's not worth what they had thought. This can be devastating.
This year has shown a significant rise in the number of properties sold and the trend is now pushing away from a flooded buyers market edging towards more balance. A trend towards more balance should edge the property values higher than a few years ago when the strong buyers market pushed prices down due to saturation of inventory.
The news that a property isn't worth what a seller thought it was is not fun to deliver. I don't enjoy it one bit. That's my two cents worth this morning. Want to discuss this or any other real estate issues more? Get in touch, I am always available!
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