12 Ways You Know the Real Estate Market Has Changed...

Doug Buenz, a real estate Broker associate with Alain Pinel Realtors in Pleasanton, CA. says . . . "Okay, with all of this bad news on the California real estate market, you would think that most sellers got the memo that things have changed.  Apparently, there are still some sellers who think it is still 2005, and that none of these things effect them. Because I am “the giver”, I want to do my part to help some of these sellers realize that things have changed."

So here are some examples about how things have changed since that 2005 market:

1.  Then: Hoping for multiple offers on your home. Now: Hoping for multiple showings (i.e., more than one) a month

2.  Then: Buyers writing cute, heart wrenching letters about how badly they want the house.  Now: Sellers writing desperate, heart wrenching letters to potential buyers hoping they buy the house

3.  Then: Appraisers doing drive by appraisals, not even bothering to go inside the house since values are going up.   Now: Appraisers doing drive by appraisals and not going inside the house because they want to avoid getting beat up by angry, unhappy sellers

4.  Then: Buyers buying houses “as is”, with minimal to no inspections Now: Buyers getting 27 inspections, including soil samples, air samples, written interviews with neighbors, deposition style interrogation of sellers over the disclosures, satellite images (from multiple angles at different times of day), and a comprehensive inspection from that hyper guy on Extreme Home Makeover

5.  Then: Listing agents putting a “Coming Soon” sign rider as soon as the sign goes up. Now: Listing agents putting a “Price Reduced” sign rider on as soon as the sign goes up

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6.  Then: Sellers informing buyers that they will look at all offers a week from Tuesday at 4:00 PM.  Now: The lender informing the sellers that their home will be sold a week from Tuesday at 4:00 on the courthouse steps

7.  Then: Smug Realtors telling someone who works at Starbucks that they don’t make enough to qualify to buy a home.  Now: Desperate Realtors working at Starbucks learning that they don’t make enough to refi out of their option ARM

8.  Then: Sellers worried when their home is on the market for more than 5 days.  Now: Sellers relieved that their home was only on the market for 5 months

9.  Then: 30 year old homes with green shag carpeting and harvest gold appliances are “retro cool”.  Now: 30 year old homes with green shag carpeting and harvest gold appliances are Expired Listings

10.  Then: Sellers want to interview 3 top producing realtors to list their home.  Now: Sellers have a hard time finding 3 top producing realtors

11.  Then: Homeowners using their home like an ATM.  Now: Homeowners realizing their home is overdrawn

12.  Then: Buyers having a minister or family priest bless the house after they close.  Now: Sellers having a minster or family priest perform an exorcism on the house after it has sat on the market for 8 months.

AUTHOR: Doug Buenz is a real estate Broker associate with Alain Pinel Realtors in Pleasanton, CA. His award winning web site 680 Homes contains his blog, with analysis, insights, opinions, and commentary on the Pleasanton and Tri-Valley real estate market.  Retrieved from "http://www.inmanwiki.com/Real-Estate/You_Know_the_Market_Has_Changed_When..."