Budget cut loser #2: the home seller

This continues our series on how we see the budget cuts at the state and local levels affecting our real estate market. In our last post, we covered the distressed home owner. We expect more distressed home owners and more foreclosures in the coming months due to job losses and lower incomes.

In this post we cover the home seller. The home seller will clearly need to work hard for her sale. This means competing very aggressively with pricing and marketing.

Over the last few weeks we’ve talked to sellers who need to sell because they will no longer be able to afford their home with the pending budget cuts. We’ve also talked to buyers who have suspended their purchase plans because their take home pay will be reduced.

We have a new market dynamic that is increasing the pool of sellers and decreasing the pool of buyers. The laws of supply and demand are at work, and we are clearly in a buyer’s market.

In our next post we’ll cover how this new market dynamic will impact the real estate brokerage.  

Dan Miller, Realtor, Keller Williams Realty and www.DaneCountyMarket.com






About Dan Miller, RE/MAX Preferred

Madison WI real estate agent with RE/MAX Preferred and the Mad City Dream Homes real estate team. Visit me at MadCityDreamHomes.com.
This entry was posted in Buying real estate, Real estate trends, Selling real estate. Bookmark the permalink.

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