Three cheers for the Boston Business Journal for running the inside headline, "Brokers Advise wait-and-see approach to real estate," in their October 17-23-08 edition.
To quote this publication, " Real estate executives are advising clients to wait for the market to settle down before making any costly real estate decisions."
This pertains to office and commercial real estate in Boston but can well be applied to all market sectors. The mantra is" Wait until the financial markets settle."
The global and national capital and financial markets are still in deep turmoil. Do not anticipate a rapid solution or an easy fix.
As I stated in my last post clients and customers, buyers and sellers, are in desperate need for professional, objective and honest information. For many buyers and sellers the "wait and see approach," may be the most valid.
Almost every one in the business understands that there is high inventory of grossly "over-priced" listings.
Example: In Weston, MA fine home was listed with a price of $2,495,000. The asking price was finally reduced to 2,050,00. on 10-16-08 and has gone under agreement!
Sellers must be educated that we are in one of the worse real estate and financial market in almost 100 years! Wishfull thinking just dones't cut it.
I'm of the opinion that our real estate "publics," that is the buyers and sellers, on the most part, know that this is the case.
Over-priced property for sale listings are almost as bad as listings that have been on the "active market" for more than 500, 600 and up to 1,700 days! If a property has not sold in a year plus, isn't it time to readjust the price or take some other action?
No comments:
Post a Comment