We’ve been battered and fried in national news about how awful things are in the real estate marketplace.
Fact: Houston home sales are lower than 2007, but still higher than 2005 and 2006 - which were both terrific sales years.
Fact: Foreclosures are up, but haven’t hurt our values across the board
Fact: Houston’s job growth is as strong as it could be - we’re actually being held back by a lack of skilled labor.
Right now, we have sellers who are deeply committed to their properties, and cannot afford to sell at a substantial loss. We have buyers who are making offers that are 10% and more lower than the asking price on some properties, figuring that everyone is a distressed seller.
For instance, the patio homes in which I live have several units offered. The offering prices are very, very reasonable, but there isn’t a sale. If the prices were reasonable in 2007, and the local economy hasn’t declined, why should we think that the 2008 price, everything else being constant, is too high?
When you’re counseling clients, whether buyers OR sellers, show them the recent sales information before committing to an offer. There is still enough activity that your client’s lowball offers won’t even be presented, and they will lose out on any opportunity to buy what they really want.
Use the information I’ve linked you to in order to show people that what they’re seeing on CNN from Las Vegas and Florida isn’t what’s happening here.