Do I need to cut bait?

We all know it's a buyer's market which can be very exciting for buyers. Lots of supply,and starting to be more demand for the right priced property. Activity has definitely picked up as far as sales go, but you have to position yourself just below the competition. We've seen several occasions where multiple offers have been presented, and the contract price has gone over asking price This is actually becoming more common. Buyers want the best bang for the buck and they're getting it. If you're a buyer who needs financing, there's never been a better time to invest. What are you waiting for?Don't drag your feet and be the person that says  should of, could of, would of! We are seeing the lowest interest rates we've seen in a very long time. Who knows what interest rates will be, even a year from now.

As you know the market is quite different for sellers. It's not fun going on listing appointments and showing your sellers what you think the bottom line should be. I've been on several listing appointments in 2011, where sellers need/want to sell now, but were not happy with my  suggested list price. They all have  different goals, some wanted to take the profit and move to another area, some wanted to liquidate due to retirement, and some wanted to get out of the hefty monthly payment. Most of them say they'll wait until next year and hope the market picks up. I hate to be the barer of bad news, but until our market clears out "distressed sales", prices are not going up. Since Jan. of 2010 to Jan. 2011  the median price has  decreased 13%. That's essentially a trend of 1% a month. In other areas, appraiser can't use foreclosure or short sales as comps, but in the outer banks market they can. See chart below-





 I've been telling my clients they should sell now or expect to hold. If you need to sell,time is not on your side, waiting will only cost you money!! If you decide to wait it out it's going to take years and not something that's going to  come back overnight. I have a seller I found through calling "expired listings", they had their house listed for 3 years and no offer. She finally told me it's time to cut bait! They've seen prices come down in those 3 years, and had they listed at the right price the first time, they wouldn't be selling for 15 to 20% less. Sometimes you have to get out of the way of your EMOTIONS, and know when to cut bait. Don't hang on to something "trying to wait it out" if you know you need to move onward and forward....CUT BAIT!