I received two comments to my “what can we do” post that were very indicative of what is happening in the marketplace these days.  One comment said “A house that is properly valued will sell within two weeks”. If a house is on the market longer than that, it is priced too high.”  I could not believe such a statement.  I am not sure if this person is a Realtor or not, but surely the person does not live in Beaufort South Carolina.  How could a person declare that a house that has not sold within 2 weeks is overpriced?  Has this person not been in touch with real estate in a really long time?  Do they live in a community where houses are flying off of the market as fast as a sign can be put in the yard?  I would love to know where that is.  In Beaufort, a house that has not sold in 2 weeks or even 9 months is not overpriced.  It could take 6 months to a year to sell a home that is under-priced.  That is the reality of the real estate market.  I thought it was such a ridiculous statement that it warranted a post.  Geez, I guess I am just overpricing every home home I list because I only sold one of my listings in less than 2 weeks! 

The phones have been ringing all day.  I don’t know if any other agents have noticed or not, but it seems since the Fed lowered the interest rate that the phones have been ringing more.  I have had at least five calls today for showings on my listings.  That is 3 more than I have had in the last three weeks.  I was beginning to wonder where all of the buyers and agents had gone.   I think it might be starting to pick up a bit and it is about time.  I do realize that it is not going to be fast and furious but steady wouldn’t hurt either.  Yesterday, I stopped in the Portrait Homes sales trailer to talk to the sales agent and it was loaded with people.  It was a good sign to see.  There are still people out there buying homes, just less of them.  The way the phones are ringing, you wouldn’t believe it. 

Regarding the most recent comment “I’ll give you $249,000.00 for 49 National Blvd in Beauford, SC. County assessor says it’s only worth $251,000. Tell the seller not to be greedy. Given the condition of the market, this is generous offer.”  I guess this person thinks that all municipalities assess properties at market value.  Here, as in many areas of the country, the tax assessor charges taxes based on an assessed value of the property.  That assessment may or may not correlate with true market value.  I also find it very interesting that several people who have read this blog think that they seem to know about market value in an area in which they are completely unfamiliar with and in which they do not live.  It is like forecasting the weather people!  You cannot begin to talk about a real estate market in general terms that pertain to every nook and cranny of the country.  Unless you are directly familiar with Lady’s Island or homes on Cat Island in Beaufort SC, don’t bother telling me that you think this property is overpriced because it hasn’t sold within the first 2 weeks it was put on the market.  The home is priced properly for the neighborhood and market in which the house sits.  It is also, by the way, the cheapest house in the neighborhood. 

Mark your calendars now October 5th and 6th.  Local restaurants will be serving up some of their best shrimp dishes and competing for best shrimp dish in Beaufort.  The South Carolina Shrimper’s Association will serve fresh, fried and boiled shrimp.  They will also be selling coolers of fresh shrimp off of the shrimp boats.  Friday night, Zach Deputy will perform at 5:30pm and Plane Jane will play at 8pm.  Saturday,  at 8am there will be a 5K run/walk through history.  There will also be a Popcorn shrimp race for kids 7 and under.  At 11am, craft booths and food and beverage stands open.  The Rickey Godfrey band (beach music band) will play at 11am.  At 1:30pm there will be a shrimp heading contest for adults and a shrimp peeling contest for kids.  At 3pm, music by Gaslight Street (blues band).   Festival ends by 5pm.  There will be crafts, food, beer and wine and a great time to be had by all.  Advanced Real Estate Company is one of the sponsors this year where we will have a wheel to spin for prizes and possibly a money wind tunnel for a chance to win some amazing prizes.  Don’t miss your chance to see how much money you can catch in 30 seconds.  Hope to see you there.    

   

 ”Walk through History” Registration Form  http://www.beaufortsc.org/upfiles/Walk%20Registration%20Form.pdf 

Popcorn Shrimp Registration Form  http://www.beaufortsc.org/upfiles/Popcorn%20Registration%20Form.pdf

5K Registration Form  http://www.beaufortsc.org/upfiles/Run%20Registration%20Form.pdf

I received a phone call from a client today asking that dreaded question.  “Laura, I am freaking out a little bit”  “What can we do?”  How can I answer that question?  I know I have done everything possible to sell that house.  I have marketed like a ninja very dutifully and expensively.  I have plastered the listing everywhere on-line I can imagine.  I have sent out numerous e-mails to my colleagues letting them know that the home has a new look and a new price.  I have emailed them again letting them know that we added a bonus to the buyer if it closes by a certain date.  We have had two traditional open houses and a very successful progressive open house tour that yielded nearly 9 couples.  We also have had a broker’s open house inviting other Realtors to view the home and share their feedback.  At this point, I have done all that I can do differently.  My sellers have done everything that I have asked them to do.  They took down trees, put up shutters, painted the door and railings.  The house looks amazing.  It is hard for me to swallow those words,”there is really nothing else that I can think of.”  I know I have done all I can and the rest is up to continued efforts and a willing buyer, but how do I deal with the challenge of not disappointing my clients?  They are growing weary, frustrated, impatient, and very stressed.  I take all that on too.  These clients are now inquiring about renting.  I want whatever is best for them because I can’t sleep knowing they are paying a mortgage for a home they aren’t living in and the financial stress that brings.  I know though that the rental market is just as soft.  In their rental price range, there are 11 other homes with 0 current rental applications.  So what can we do?  We can pray, we can continue our daily marketing plan of telling everyone we know about their home, and we can wait.  We can wait as long as we can for a buyer to come along and say “this is the house I have been looking for.”  So if you are a buyer, I have a great one to tell you about.  (www.49nationalblvd.com) and if you are a seller, I hope you have some patience and some time to wait.