I’ve got about an hour before I need to go show a listing of mine and then get with a client to go see a couple of houses, but I wanted to let you know what is going on with real estate in Lexington ky!
I’ve closed 3 deals, have 5 pending, have several buyers looking, and have a bunch of active listings. I think I’ve got a pretty good idea about where things are at the moment, having worked with both buyers and sellers a lot. Glad I love my car since I’ve put over 5000 miles on it in the past 3 months…all local too!
Soooo, what is going on? Well, I think we are at the tail end of denial and about to start accepting that the market has changed a lot in the past 8 months since the tax credits expired. I don’t just mean fewer sales. We all know that has happened. What I mean is that there has been a major shift in buyer mentality. If you’ve read my past blogs from this winter, you remember me saying (okay….complaining!) about the crazy buyers out there making ridiculous offers on houses who never actually bought anything. Now that the weather has warmed up a little, the “Real” buyers are coming out.
These buyers are much more conservative and cautious than they were last year at this time. We all know that buyers are expecting more and more. They have come to expect staging and a good presentation. Now they expect that AND a low price. I guess that is the big change that we all need to adapt to. You can no longer make a house look good and expect it to sell mid-range in the comparable sales. Now, pretty much every buyer expects the bottom of that range as the max they will go. I mean, I can’t blame them. I would do the same thing right now if I were buying and you would too. I think a lot of that is just because they want to have a little margin if prices drop any more than they have. “Location, Location, Location” use to be the big thing in a buyer’s mind, but yep, it is now second chair to price.
All this leads me to something else that has been on my mind, which is how we as agents need to keep responding to what and how the market wants their real estate done. It is hard to believe that a long time ago having more than one picture of the outside of the house was cutting edge. Then agents thought that getting you to see yourself in the house was what it took. Maybe it did back then, but when I see an agent write something like “Enjoy playing board games or reading the morning paper with your family around the table in this great eat in kitchen,” I know that the agent hasn’t grown past 1995. I think it is time to start talking about money in the marketing remarks. It is what is on everybody’s mind right now. If the house is a good deal for the size, location, or condition, we need to tell that to the buyers……in fact, I am going to go make those changes right now on my listings….see ya later!