Take my favorite jeans. Maybe they shrunk, or maybe I just ate too much for too long. Either way, the outcome is the same. Today’s buyer pool is smaller, and sellers are feeling squeezed.
As a seller, you have two choices. You can hope that your home looks so darn fabulous that the buyers will be willing to contort and stretch to get into it, or you can go on a diet and make the price more compelling than your competition. Last month, this was primarily true for the mid- to high-priced homes. This week, perhaps in honor of yesterday’s National “No More Homebuyer Tax Credit Day”, I am seeing all price points feeling the pinch.
Those fun Case-Shiller twins published their February numbers recently suggesting that San Diego home values are a happy anomaly in a sea of continuing price declines.
What I really think the numbers represent is the possibility that we are finding our bottom at long last but, before we all don our party hats, expect to bounce around for a long while. It took us many years to get here, and reversing the trend will be a process, not an event — kind of like getting back into those denims.
(Hint: My jeans didn’t shrink. I just got a little too big for my britches.)
That’s about all the wisdom I can muster for a Sunday morning.