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Home sales down in August

I just posted an article on the Local Market Information page on my website that highlights a decline in existing home sales nationwide from July to August.  Obviously, we would all like to see the market grow, particularly after a year-plus of negative pressure.  On the other hand, it seems that we have a tendency to read and react to every bit of short-term news without looking at it from a broader perspective.  If we, in business or in government, try to bob and weave with every ripple that comes our way, we will never do anything else.

Moreover, the real estate business is “hyper-local,” meaning that market forces affect specific neighborhoods in specific cities differently.  In Austin, our downturn in unit sales last month was actually much larger than the national figure reported in that article, but so was listing volume, so property values — ultimately more important to property owners — have not been so seriously affected:  our median price in August 2009 was down 3.6% from Austin 2008, and there are many parts of our metro area where sale prices have been increasing all year and a well-prepared home will sell in just a few weeks.

The point is that focusing on one data point, or one monthly change, is unproductive for most people in the management of their own lives and budgets.  If you want or need to buy or sell real estate, you need very specific professional consultation about your home in the context of your objectives. 

I am a “news-aholic” myself, so I “get” the shock value of this kind of news reporting, but it would be great to see more balance.

I welcome your comments.

About Bill Morris, Realtor

More than thirty years of business experience (high tech, client service, business organization and start-up, including many years in real estate) tell me that service is the key to success and I look forward to serving you. I represent both buyers and sellers throughout the Austin metropolitan area, which means first-hand market knowledge is brought to bear on serving your needs: -- Seller Representation is a comprehensive process that begins with thorough market analysis and consultation, continues with properly staging the home to achieve the highest price possible in a reasonable time on market, a complete program of marketing and promotion, ongoing updates and communication, closing coordination, and follow-up throughout (and after) the sale. -- Buyer Representation is also full service: shopping, previewing, price and market consultation, contracting, negotiating, coordination of inspections, appraisals, repairs, and closing details, and follow-up beyond the closing of your purchase to ensure your lasting satisfaction. Because the real estate industry is becoming more sophisticated and challenging every day, you need a professional that understands the industry and is positioned to stay ahead of the game. I go the extra mile to help you achieve your goals. That's why I constantly research the market and property values so your home is priced effectively from day one. I also make sure the public knows your home is for sale by using innovative advertising and marketing techniques to attract potential buyers.


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