We have a unique situation in Lane County to recover more quickly than many areas of the country once the economy starts an upward trend. Because we do not have a manufacturing economy here, much of our downtrend is caused by buyer paralysis. Our company has about 25 buyers, with about 20 of them either in a "wait and see" pattern or unable to sell their homes in other parts of the country. The others are eager to buy but haven't yet because of still-overpriced listings, or lack of the properties they're seeking.
Most of our listings have sold, one recently in only 3 days on the market, and with a full price offer. That was because the sellers agreed to price it below the competition. Within 2 days of the pending sale, a home that had been on the market for many months on the same street, lowered their price to match ours, and was sold within days. So it's all about knowing the current market values. If you don't have enough equity in your home to price it a bit lower than the competition and if you don't HAVE to sell, we recommend waiting. I predict that we'll have a bounce back next season.
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