There are still plenty of buyers in this market! While sales year-to-date are down approximately 14% over last year, and there are 10% more listings for sale today than last year at this time, buyers are still out there.
On Monday August 27th a listing east of Lake Harriet came on the market for $470,000. On Tuesday afternoon my clients and I went to see the house. In the less than 36 hours it had been on the market there were a total of 8 business cards left in the house. When we arrived there was another agent showing it and while we were there another group came through as well. I call the agent back that evening to let him know we have interest and he informs me that the house sold that afternoon before we even showed the house! This home was in top-notch condition in an in-demand neighborhood and was priced to drive significant numbers of buyers through the home… it worked!
Morals of the story:
1. No matter how bad it may be, it isn’t as bad of a market in most areas as people think.
2. A house with the right price, right condition, and right location still sells quickly.
3. Buyers need to be ready to jump on a property if the right one comes along…