Just about 10 minutes ago I had a for sale by owner tell me that the reason they are selling their home on their own is, "We realize it is a buyer's market and the home prices are so depreciated."
The following is my honest & sincere reply to this statement:
Don't believe quite everything you read about the market. At least not how it relates to Lincoln. While we are seeing home prices at about the same level they were in the mid 2000's, it does not mean that home prices are depreciated. Home prices are actually starting to get to the point that they SHOULD be for market sustainability. The fact of the matter is that home prices were artificially inflated during the boom years of real estate here in Lincoln, Nebraska. Much like they were in most markets.
Right now the number of housing inventory is WAY down in comparison to the height of our real estate market. So rates are good & prices are staying flat but, the amount of competition is much much less than it was during the boom ('03, '04, '05) here in Lincoln. So in my opinion, the Lincoln, Nebraska real estate market is not as much in favor of buyers as the national market may be.
If your home is priced at the current market value & marketed aggressively, you'll get it sold in the first 30 days for near if not at asking price. (Stats for Lincoln say homes sold in first 30 days so far in 2011 are selling for over 98% of their list price. Homes sold after that are in the mid-low 90's% range.)
Jason Korn
The Korn Team
RE/MAX Real Estate Concepts
Lincoln, Nebraska
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