Top 10 Real Estate Market Trends in 2007
(1) More Single Women Will Buy Homes
Single women already make up a larger percentage of home buyers year after year. They are trading Prince Charming for walk-in closets, underground parking or a garage, and tax deductions.
(2) Home Prices Will Remain Soft
Buyers will wonder if they should get off the fence and buy now or if they should wait. There are no indications that we'll see double-digit appreciation for a while and if prices haven't fallen in your neighborhood yet, they most likely will in 2007.
(3) Agents Will Negotiate Record Numbers of Counter Offers
Finding a real estate agent who will negotiate for you as a seller or a buyer is going to be more important in 2007 than it has been in previous years. Buyers are typically coming in at least 10% under asking price.
(4) Buyers Will Pass by Overpriced Homes
Buyers are becoming more educated. They know when the price is right, and overpriced homes will be scratched off their list of possible homes to consider. Buyers view sellers with overpriced listings as inflexible and not serious about selling. With large numbers of well priced homes available to them, buyers won't waste time on sellers who refuse to be reasonable about pricing.
(5) Buyers Want Upscale Features
As more inventories come on the market, buyers will have more to choose from before making an offer and will gravitate toward homes that require no updating or costly remodels. If yours is not updated, Buyers will lowball you.
(6) Sellers Will Hire Home Stagers
Some sellers will be lucky and find a real estate agent who can offer home staging services, but many sellers, to be competitive among other listings, will hire a professional stager before putting their home on the market.
(7) Agents Will Take Overpriced Listings
Just because the market has changed is no reason for agents to wise up and stop taking overpriced listings or to stop hurting their seller's chances to sell. This battle will help to retire agents who shouldn't be in the business in the first place.
(8) Virtual Tours Will Gain Popularity
Online listings without virtual tours will be passed over. Like the old MLS books without a photo, an online listing without a virtual tour will be a non-entity and ignored.
(9) More than 50% of Listings Will Feature a Price Reduction Within 30 days
The number one reason why properties don't sell is price. The first trick is to figure out what that price should be before putting your home on the market. The second trick is to figure out when to reduce the price.
(10) Buyers Will Be More Selective When Choosing an Agent
Choosing the right agent is the single most important factor when buying or selling real estate. However some people make the mistake of choosing a DNA agent (family related) or a neighbor, without ever thinking about the main reason to hire an agent or how to go about determining the fit for them.