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 Lake Vermilion Real Estate

A daily journal concerning Lake Vermilion and surrounding areas.
Selected real estate, notes, stories, musings, and anecdotes.

March 12, 2009

LOL catMy Opinion.

The country is in a recession. The real estate market is depressed. The future offers more questions than solutions. And… it’s 18 below zero. That’s a short economic slash weather summation for March 12, 2009.

Our local real estate market is somewhat of a niche market.

Many transactions involve recreational-type properties that typically sell during the summer season. So… with warmer weather in the not-to-distant distance, what must occur to bring buyers and sellers together in this coming market?

Here’s my (short) answer.

Both buyers and sellers need to be more aggressive!

Sellers, if in a position to do so, should consider an asking price adjustment. Preferably, that’s a formal and advertised price correction. At a minimum, sellers should adjust their mindset to expect and consequently consider lower priced offers.

Buyers should not be bashful about approaching a seller with a reduced price offer. In this market, an asking price is much less likely to reflect an acceptable final selling price by the seller.

The current condition of the market is no longer a secret to anyone. Numerous sellers would love the opportunity to negotiate a less than ideal purchase offer. I believe we have a situation where both sides are waiting for the other to take the initiative. My observation is that both buyer and seller would be surprised at the willingness of the other to work out a mutually agreeable transaction.

Again, that’s my opinion.

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