It's pretty safe to say that 2008 will be remembered as a very painful year in real estate. Headlines have screamed about declines in home prices and fewer homes being sold, and many people follow the real estate market closer than they do their favorite sports team.
Today ForSaleByOwner.com issued its 2009 Real Estate Predictions where, among other things, we are forecasting a continued slide in home sales & prices, fewer people in the real estate agent & broker profession, an increase in real estate commission rates, and increased competition within the industry.
We also predict that next year we're going to see a "tipping point" where, for the first time ever, more people will be finding their next home by seeing it first on the Internet... instead of finding out about the home from a real estate agent. Industry stats for 2008 show that 32% of buyers found their home on the Internet (up from 2% in 1997), and 34% found it because a real estate agent showed the home to them (down from 50% in 1997). We think that 2009 will be the year where the industry's own statistics show that the Internet is more effective in helping people find the homes they want to buy.
We got other predictions as well. Check them out here.
http://www.forsalebyowner.com
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1 comments:
Very painful indeed! There is much a homeowner must take an active role in these days in order to make their property stand out in the crowd. Just listing your home with the most successful broker is no longer enough to get the property sold. It will just sit on the market for much longer than usual wasting precious time. Time these days is something sellers just do not have with all of those bad mortgages that were taken. Many of those people are "upside down" with their homes. How in the world can they afford to pay a broker a huge commission when they may not even have the equity in their home yet to cover it? This is a reason the FSBO route is becoming their only hope. Sellers need to be proactive in their sale, educate themselves fast on the industry and use all the options available to them. One way to get an edge over the glut of other properties is to have the place cleaned & staged (inside & out). Staging is not covering up problems but rather deleting all the superfluous personal items that distract potential buyers attention. You can learn more about staging and see before/after photos here: http://www.allamerican4you.com. For a small fee (sometimes as low as $500.00) you can get your home cleaned, organized, professionally staged and packed up for the future move.
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