Area real estate sales reported through the MLS® system of the Georgian Triangle Real Estate Board during the month of August have rebounded strongly following disappointing sales in July. Sales on this last day of the month total $57 million have surpassed total sales for August 2009.
Despite this positive level of activity, buyers remain cautious and are languishing over their purchase decisions forever fearful of overpaying should prices trend downward in the months ahead. Increasingly, we are seeing offers coming in well below the asking price. Sellers are often offended by this but shouldn't be, it's just the nature of today's buyer(s) given the continuing uncertain economic and market conditions we face.
Typically the average list-to-sale price ratio for MLS® sales processed through the Georgian Triangle Real Estate Board is 95% provided the property is realistically priced. An initial offer significantly below that will typically generate one of two results. One the sellers will elect not to sign the offer back or two, the sign-back will be close to the asking price just to send a message. Either way, this tactic creates a very adversarial environment for further negotiations and nobody wins.
Whether you are a seller or a buyer, it is imperative that you are working with a REALTOR® that can provide you with hard factual information regarding current market pricing. Fact and accurate information based decision making are crucial in today's real estate market. If we as professional REALTORS® cannot provide this level of service to our clients then successful real estate transactions will elude, buyers, sellers and REALTORS® alike.
To help you in selecting a REALTOR® that will best meet your needs whether selling or buyer please refer to my Home Cents Help Tip article "Interviewing Potential Realtors®."
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