You can't be isolated forever. We are now officially in a buyer's market. While nowhere near other parts of the country, the downturn in sales has hit Buncombe County to the tune of 12%. However, Average Sales Price continues to rise. You can look at the numbers several ways, but it is at best flat and at worst down about 20%. New homes continue to sink as credit tightens its noose around the buyer's neck. It may be back to creative financing, with the seller taking back a second, or buying down the rate to the buyer can qualify.
Sellers need to ask their agents what are you doing differently to market my property. How about an Auction, or Ebay, to name a few ideas. Creativity is the name of the game as is correct pricing. Look for experienced agents who have the best record for pricing and who have new ways to market your property.
No one know how long it will continue, but be sure that the credit markets have to come back before the market does.
Michael
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