THE PRESIDENT’S CORNER #7 State Of The Market
STATE OF THE MARKET: Inventory of existing homes for sale in Lodi is hovering in the high 300’s. As I write this column Monday morning, Lodi has 366 active home listings and 33 condo listings for a total of 399.
This compares to total-inventory levels of around 85 homes and condos for sale through the early 2000’s and up to mid-2005 when the real estate market topped out. Today’s inventory is over three times that of the frantic Seller’s Market years.
Home values have slid (not a free-fall by any means, but a slow gradual slide) in the greater Lodi area from the summer of 2005 to the present. Interest rates for home mortgages have remained very attractive. This combination of soft home prices and competitive interest rates has created a wonderful opportunity for Buyers!
There’s an old saying in the real estate business: “Most Buyers don’t buy in a Buyer’s Market.” By definition, a Buyer’s Market is one in which Buyers are scarce and inventory is large. When supply outstrips demand, Sellers must adjust their prices downward to if they want get their homes SOLD. That’s the current climate for the Lodi-area home market. Knowledgeable Buyers recognize this unique and fleeting opportunity. Most potential Buyers, however, will wait until the real estate market bottoms out and prices begin to rise again. THEN they’ll re-enter the marketplace.
New-home builders are currently offering many incentives to Buyers along with reduced prices, especially on standing inventory. Most developers are actively courting Realtors and (once again) offering commissions to Realtors who bring their Buyers to their subdivisions. (One consumer tip: BRING YOUR REALTOR with you the very first time you visit a subdivision. If the developer knows you’re actively searching the entire real estate market…not just new homes… with a real estate professional, you’re likely to “get more respect” than if you’re perceived a an innocent who has no representation and little savvy. Your Realtor can help you get a better deal, just by showing up and being present as you shop!).
HAS THE MARKET “STABILIZED”? I’ve heard this question often. My opinion is that Buyer activity is increasing as more people recognize the current opportunities. However, prices are still soft. Wise Sellers are still vigilant about adjusting their prices downward when their homes don’t sell at a particular price. Buyers are more wary and cautious than they’ve been in years, and for good reason. This morning I spoke to the Realtor who represents the Buyer on one of my escrows (I represent the Seller). This Buyer’s agent says she showed her client TWENTY-FOUR HOMES before they chose my listing. Three years ago, this same Buyer may have had three or four homes total to choose from!
The bottom line: Prices have NOT “stabilized”, but the general mood in the market is more optimistic. 2007 promises to be a healthier year for Buyers and Sellers. The market has returned to a more “normal” state, with plenty of inventory, attentive Sellers, and Buyers who have the luxury of being able to shop and compare without being forced to make a knee-jerk decision due to scant inventory. It’s all good!
This compares to total-inventory levels of around 85 homes and condos for sale through the early 2000’s and up to mid-2005 when the real estate market topped out. Today’s inventory is over three times that of the frantic Seller’s Market years.
Home values have slid (not a free-fall by any means, but a slow gradual slide) in the greater Lodi area from the summer of 2005 to the present. Interest rates for home mortgages have remained very attractive. This combination of soft home prices and competitive interest rates has created a wonderful opportunity for Buyers!
There’s an old saying in the real estate business: “Most Buyers don’t buy in a Buyer’s Market.” By definition, a Buyer’s Market is one in which Buyers are scarce and inventory is large. When supply outstrips demand, Sellers must adjust their prices downward to if they want get their homes SOLD. That’s the current climate for the Lodi-area home market. Knowledgeable Buyers recognize this unique and fleeting opportunity. Most potential Buyers, however, will wait until the real estate market bottoms out and prices begin to rise again. THEN they’ll re-enter the marketplace.
New-home builders are currently offering many incentives to Buyers along with reduced prices, especially on standing inventory. Most developers are actively courting Realtors and (once again) offering commissions to Realtors who bring their Buyers to their subdivisions. (One consumer tip: BRING YOUR REALTOR with you the very first time you visit a subdivision. If the developer knows you’re actively searching the entire real estate market…not just new homes… with a real estate professional, you’re likely to “get more respect” than if you’re perceived a an innocent who has no representation and little savvy. Your Realtor can help you get a better deal, just by showing up and being present as you shop!).
HAS THE MARKET “STABILIZED”? I’ve heard this question often. My opinion is that Buyer activity is increasing as more people recognize the current opportunities. However, prices are still soft. Wise Sellers are still vigilant about adjusting their prices downward when their homes don’t sell at a particular price. Buyers are more wary and cautious than they’ve been in years, and for good reason. This morning I spoke to the Realtor who represents the Buyer on one of my escrows (I represent the Seller). This Buyer’s agent says she showed her client TWENTY-FOUR HOMES before they chose my listing. Three years ago, this same Buyer may have had three or four homes total to choose from!
The bottom line: Prices have NOT “stabilized”, but the general mood in the market is more optimistic. 2007 promises to be a healthier year for Buyers and Sellers. The market has returned to a more “normal” state, with plenty of inventory, attentive Sellers, and Buyers who have the luxury of being able to shop and compare without being forced to make a knee-jerk decision due to scant inventory. It’s all good!
posted by Larry Underhill at 09:34
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