National real estate bubble burst, What about locally?

The November consumer sentiment index from the University of Michigan was revised downward to 92.1 from an initial read of 92.3. Economists surveyed by Briefing.com thought it would rise to 93.

Today Michigan revised its consumer confidence number down and the general consensus among analysts is that it has everything to do with the sagging national real estate market. But like every other economic measure being blamed on slower home sales and falling prices, we have to take what they say with a grain of salt. Sometimes what the national pundits predict unfortunately has a self fulfilling prophecy aspect to it.

Locally the housing market is still good. Not as good for sellers as it was a year or two ago, but there are still ample buyers out there. Buyers, however, can afford to stay patient without fear that each subsequent home being sold will set a new high. Homes priced fairly and in good move-in condition are still being snapped up and in timely fashion as well.

A couple of weeks ago I had a client who had sincere interest in a property, unfortunately for her there was something in the disclosures that kept us from making the offer we wanted to, but regardless that townhome sold in two weeks with multiple offers for over asking and it could have been sold in one. They priced it at what a similar unit sold for in the Spring; and the unit was very clean and nicely staged.

So lesson to all sellers is to set a fair price (doesn't have to be low, but does have to be fair from the start) and to reasonably make it as turnkey as possible. And seek the opinion of a real estate professional, we have a better pulse of what's happening locally and take what the talking heads on television say with a grain of salt. This is not the type of market to be assuming to know what's best. There are win-win deals to be had out there for buyers and sellers a like. Best of luck in this Holiday season with your new home!