Banker & Tradesman has an interesting story today on how Massachusetts real estate agents are having a hard time telling/convincing sellers now is the time to reduce your asking price:
This past Labor Day weekend, real estate agents may have had more sympathy for drivers stuck in the annual six mile pile-up around the Bourne Bridge: The housing market has been gridlocked for weeks.
Sales volume nosedived in July, even as prices stayed steady. Though many industry observers expected a dip in sales would follow the end of this spring’s homebuyer tax credit, the decline was more severe than many economists had predicted. Massachusetts’ 26 percent decline put it in line with the national figure of 27 percent. The national seasonally adjusted annual sales rate of 3.83 million units is the lowest figure recorded by the National Association of Realtors since the trade group began publishing its statistics in 1999.
…Telling a potential client that they might not profit from a sale is a difficult endeavor, and one that more and more agents are dealing with.
What are your thoughts?