As you know, the fourth quarter of 2007 showed less buyer activity than the previous quarter. While some of the slowdown is seasonal, our market has been affected by the press coverage of larger real estate markets which are experiencing significant downturns. This coverage decreases buyer confidence that their home will be worth more after they buy it, instead of less.
Our real estate market area has not experienced the downturns of some other markets, however, the perception of a “slow” real estate market results in two things:
1. Fewer Buyers. Meaning more competition for those buyers among sellers.
2. Tougher Buyers. Meaning price becomes more significant to
buyers who are afraid of “overpaying” in this market.
These two things alert us even more that properties must :
1. Be priced competitively in comparison to other homes in the area.
2. Be staged, in excellent condition, and easily accessible to show prospective buyers.
3. Be effectively marketed and exposed to as many potential buyers as possible.
For more information contact me at slaunchbaugh@cbtulsa.com
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