Home sellers,
I felt compelled to give a market update, even though we have another two weeks to go until months end, which is when I normally email my market report and update. The reason is that many sellers are very anxious right now and understandably so. If your home is priced above $300,000 I don't need to tell you that the market is slow for this segment of the market. I pulled up all the listings over $300,000 and the average days on market is 270 days! That's a lot when you consider the average days on market for homes under $300,000 is 174. If you have sold a home in a sellers market, you now know it is quite a bit different (and a lot more fun) than selling in a buyers market.
I would like to encourage you that RE/MAX and I are doing all that we can to get exposure for your listing. I personally have virtual tours and/or websites for all my listings, RE/MAX has a billboard south of town and is installing one north of town both on 101 to promote the RE/MAX name. As the weather improves you will have flyer's at your listing and RE/MAX Coastal Redwoods will keep our office open more hours to be convenient for more buyers. In addition, you can feel confident that you are being ably represented by a full time agent who is at the office 5-6 days a week, available to potential buyers of your listing. I am ALWAYS available by phone, text message or email and you can expect a prompt and courteous reply to your inquiries and to your buyers inquiries.
Most buyers of upper end homes ($300k and above) are relocating from outside Del Norte County. You can feel confident that your home is well represented on the internet. To test this, just enter your address and city name into Google and see what happens.
The predominant buyers right now are first time home buyers who have been priced out of the market for a very long time and are jumping at the chance to own a home, something many folks never thought possible. These buyers are, for the most part, using the USDA GRH program, which only finances stick-built homes that are in fairly good condition. Many of these buyers need the seller to pay for their closing costs in order to complete the transaction, so if you own a home under $250,000, don't be surprised if you are asked to pay these expenses. The predominant form of financing a manufactured home is FHA which requires 3 to 3.5% down, something many folks have a struggle to come up with. If the manufactured home has been moved more than once, then the only financing available is conventional with 20% down, something even more folks struggle to come up with.
Most folks that purchase a home above $300,000 in Del Norte County are "move-up" buyers and generally need to sell their home before they can purchase. These folks want to feel confident in their job, the economy, and their financial situation before making a move, something many of us are struggling with at this point. My hope is that we will see a more positive economic outlook on the horizon which should spur "move-up" buyers to...well, move-up, giving some relief to the upper end homeowners.
Again, I would like to encourage each of you that RE/MAX Coastal Redwoods and I are doing everything we can to sell your home. I am available at your convenience to review your pricing information and give you a market comparison specific to your property. Just give me a call.
Thank you again for your confidence in working with RE/MAX Coastal Redwoods. We truly appreciate your business.
Warm regards,
Fran Gatti
Thank you for stopping by. Your comments on this post are welcomed and appreciated.
No one sold more homes in Del Norte County in 2009, 2010 and 2011--*in units sold and volume--than Fran Gatti. Put Fran to work for you!
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*PER DNAOR-MLS
This is a very unusual market. It is neither buyer or seller friendly.
I love this letter to your client... It shows that you are working , even though they aren't really seeing the results. Communication is key!
Fran: Very well written synopsis on your market. Best of luck over there.
Very nice presentation to your seller. It needs to be stated up front, in writing. Good post!
It is difficult to guide sellers thru this market. In Denver it is a very neutral market - not a buyers or sellers market.
Nice way to get the word out, Fran. Good communication.
I like the way you addressed this topic and I love your graphic!
Fran,
I really like the proactive approach you are taking here. I am sure your sellers appreciate your efforts in their behalf.