Orcas Island Realty



Thoughts for sellers

Pricing properties for sellers is challenging as the bank owned properties and short sale inventory will take several years to move through the sale cycle. Sales of these distressed homes and land put downward pressure on all pricing so it can be difficult for sellers who aren’t in a distressed situation to accept these drastically lower comparable values for their properties too. The good news is we are seeing fewer new foreclosures and a much improved efficiency with bankers’ willingness to put deals together and close transactions. Even though the time from an owner losing their home to it being on the market and selling is about half of what it was at the beginning of this cycle, we believe it will be several more years before we return to a “normal” market.

Pricing strategy continues to be the key to selling success. We are advising clients to price aggressively if they want to close a sale, as buyers are waiting for the best possible deals. For some people, this means going outside of a comfortable range. But the listings that are selling most consistently are those with asking prices that reflect current comparable sales. Those sellers who keep prices at “yesterday’s” levels will most likely find themselves and their properties riding out this downturn for as long as it lasts. The good news is that many completed transactions are cash offers that close quickly.