The latest statistics on Real Estate in Champaign Urbana tells us what we already knew- this market continues to slip slide. Usually statistics can be used to emphasize something that is minor or unimportant or a bald faced lie. In this case they throw light on the pink elephant in the room.
The feature seller buyer in a News Gazette article this am sold a condo listed for $165,000 for $130,000 (see pointer below for sellers) and bought a super house which is just what they needed in South Champaign and moved. This is so typical these days and at the risk of being beyond trite I’ll say it: “THIS IS A BUYER”S MARKET!”
Here are some of the stats:
-there were 32 more closings this August compared to last (239 to 271)…the good news.
-the average selling price was down almost $20,000 dollars…the bad news…maybe. Got to be that with mondo homes over $500,000 hardly selling at all skews this figure. Better stats are needed to see this for what it truly is.
-the number of homes on the market actually decreased last week from 2,100 to 2,025. But this figure has to be taken like the unemployment figures. Most likely there is a gaggle and a half of “discouraged sellers” who have withdrawn homes because they have been on the market since the Vietnam era. A figure that needs to go with this one is average days on the market.
So…what can we conclude?
First for sellers:
-Price it right, which means low. Possibly less than you paid or owe and certainly less than you want to get. It’s tough but the best advice a realtor can give you is start at a gettable price.
-Be ready to wait…and wait.
-Have the place ready, but get good advice on what to invest in to do that. Like pull down the flowered wallpaper but skip paving the drive.
-Consider selling on contract. Just be sure to use a realtor and a smart real estate lawyer– and no that is not meant as an oxymoron jab. Get one that knows real estate contracts and is reasonably priced. And like get one that went to Mount Holyoke or some such place.
Then for buyers:
-Whoo hoo! Have fun. Shop till you drop and find a cool dream house bargain.
-Be patient…but do not let this down market and low interest rates pass you by. Max Mitchell reminds us that they are “they are the most favorable (he means low) they’ve been since the ’70s”. The Vietnam era again…great days, right Max?
-Remember that sellers pay realtors. So call a realtor today. Shop for one that meets you needs and let them work for you. Believe me, they are hungry.