By Judy Price
For July, the sale of single-family homes experienced a 17% year-over-year increase and a 19% increase for condos and townhouses. Here at NRTDA, we experienced our own successful July with strong sales of distressed single-family homes in the suburbs, townhouses in Buckhead and condos in Midtown Atlanta.
With July’s success behind us, the real estate market has wondered what would happen next because of the credit downgrade. This week, mortgage rates have dropped to or near all-time lows as investors moved money into safer bonds and mortgage backed securities that fund most home loans.
Yes, there are buyers who have now called off their search completely since they would need to sell stocks for a down payment. However, we are also hearing stories of buyers who have decided to stay the course because rates are so low. Real estate as a long-term investment remains attractive to many, even right now.
So how will you capture these buyers? Because supply still outpaces demand, make sure you pay attention to the fundamentals of the 4 P’s: Product, Price, Place and Promotion.
Questions to consider:
- How does my product look to potential buyers?
- How competitively am I priced?
- How is my location? Do I need to make an adjustment for the location?
- How am I getting the most reach for my marketing dollars?
Based on your goals to sell, you may need to make adjustments to your sales and marketing strategy to reach those buyers that are still in the market. But don’t delay or you will lose out to your competition.
Leslie Williamson
Maria Mena
Brad Horner
Collin Ellingson
Bob Romano
Alec String
Meril Missbach
Marty Griffin
Lenny Rindsberg
joanhertz
billgraham1299
Judson Kidd
