The other day I was discussing the Real Estate market in the Raleigh NC area with a friend and the topic of being a Listing Agent dominated the conversation. Without going in great detail I was explaining how listings are very circumstantial...and by that I mean there are so many factors influencing the marketability of the property that it is hard to please or appease every seller. Most sellers LOVE their home and can't see why anyone in their right mind would not want to pull the trigger.....but location, colors of walls, smell, slope of the lot, school zone, proximity to work.....the list goes on; all of these effect the marketability of the house. With that I said "more times than not, it takes the right buyer at the right time to make it work". My friends comment to me was "I guess it's kind of like the college and pro football coaches....you win or you are gone, even though there are circumstances out of your control (budget, size of school, conference) you are suppose to win and if you don't you are OUT".
I thought about it for a while and even though it was kind of off the wall, it was true. No matter what you do to market a home and how good you are with clients and other Realtors that most of the time will bring that buyer, there are things you can't control and it's just part of the game and an understood rule that your time is coming if you no one buys. I will say that price is by far the number one factor that can get anything sold...with location coming in right behind, but as a listing agent you must be prepared to face ALL challenges and present them in the best light.
I thought about it for a while and even though it was kind of off the wall, it was true. No matter what you do to market a home and how good you are with clients and other Realtors that most of the time will bring that buyer, there are things you can't control and it's just part of the game and an understood rule that your time is coming if you no one buys. I will say that price is by far the number one factor that can get anything sold...with location coming in right behind, but as a listing agent you must be prepared to face ALL challenges and present them in the best light.
Is Real Estate Local?
Posted 07-16-2008 at 09:57 AM by Stu Barnes
Yes.
That is the short answer, but with the media covering the Real Estate Market across the country and leaving scattered information as a blanket summation I have to clarify. In general as everyone knows the market is down, even locally. This has to do with a number of things, but the issues holding up our Raleigh/Durham Market are different than things holding up say the California Market or Florida Market.
Basically, speculation on rates and what's happening with our economy is a major roadblock for current buyers locally. A bigger and more important issue is potential buyers not being able to sell their home in.....Detroit before buying a home in Raleigh. With that said, Raleigh did not have the huge appreciation for the past decade some places did that have sellers upside down and taking blood baths on their homes. It is still an OKAY market just slower..=correction. The market is correcting itself and it usually is not that fun when you are in "the business".
Moreover, Real Estate is local as far as pricing and days on the market go for an individual market also. What I mean is take the Raleigh area for example. Raleigh is local within Raleigh. Take a 1500 square foot house, exact floor plan and same size lot, same siding and fixtures inside. In one part of Raleigh it may be worth x amount of dollars less that the other part of Raleigh. Why? Location=local. It depends on the areas schools, proximity to hospitals, shopping and the list goes on. If you look at statistics from our local MLS you may find that days on the market is A LOT lower for the Cary area than parts of Raleigh, but if you look closer you may see that houses listed over $400K in the Cary area are A LOT more than the same price point in another area of this market. LOCAL. I have said before that selling a home is very circumstantial and location has a very vital role in circumstance. I hope you find this information useful and feel free to visit our site for more details.
That is the short answer, but with the media covering the Real Estate Market across the country and leaving scattered information as a blanket summation I have to clarify. In general as everyone knows the market is down, even locally. This has to do with a number of things, but the issues holding up our Raleigh/Durham Market are different than things holding up say the California Market or Florida Market.
Basically, speculation on rates and what's happening with our economy is a major roadblock for current buyers locally. A bigger and more important issue is potential buyers not being able to sell their home in.....Detroit before buying a home in Raleigh. With that said, Raleigh did not have the huge appreciation for the past decade some places did that have sellers upside down and taking blood baths on their homes. It is still an OKAY market just slower..=correction. The market is correcting itself and it usually is not that fun when you are in "the business".
Moreover, Real Estate is local as far as pricing and days on the market go for an individual market also. What I mean is take the Raleigh area for example. Raleigh is local within Raleigh. Take a 1500 square foot house, exact floor plan and same size lot, same siding and fixtures inside. In one part of Raleigh it may be worth x amount of dollars less that the other part of Raleigh. Why? Location=local. It depends on the areas schools, proximity to hospitals, shopping and the list goes on. If you look at statistics from our local MLS you may find that days on the market is A LOT lower for the Cary area than parts of Raleigh, but if you look closer you may see that houses listed over $400K in the Cary area are A LOT more than the same price point in another area of this market. LOCAL. I have said before that selling a home is very circumstantial and location has a very vital role in circumstance. I hope you find this information useful and feel free to visit our site for more details.
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