In a video post on a real estate industry blog, Bloodhound Blog, Phoenix mega-Realtor Russell Shaw mentioned that he discovered this week that home prices declined in the last 45 days and that his home sellers will want to lower their prices if they want to get their homes sold.
If he is correct, we’ll see it in the August sales and price numbers that come out in mid-September. Shaw has an unsually good feel for the market because he and his group sell more than a home a day.
{ 3 comments… read them below or add one }
KG 09.01.07 at 7:49 am
This guy and his group sell a home a day on average? Is his average time to sell really 28 days? How does he do this? I’ve seen his commercials and thought he was full of it.
John L. Wake - Realtor 09.01.07 at 8:25 am
He changed his tag line, it now “most” of his home sell in 30 days or less.
I believe his sellers tend to have frequent, aggressive price reductions until the home sells so it makes sense that they would sell more quickly.
In a declining market, you would often make more money by selling quickly.
His advertising might attract clients motivated to sell quickly.
Also, I suspect he is more quick than most to part ways with sellers who won’t re-price their homes when they don’t sell.
It’s not rocket science. If it hasn’t sold, it’s over-priced. You don’t know at what price a home will sell but you can find out at what price it won’t sell… and then you have to cut the price.
Oh, and by the way I think they sold over 500 homes last year.
John Cotter 10.30.08 at 5:34 am
I believe it took a remarkable insight to recognize the downward slide in the Phoenix home real estate market. As quoted, “Phoenix mega-Realtor Russell Shaw mentioned that he discovered this week that home prices declined in the last 45 days and that his home sellers will want to lower their prices if they want to get their homes sold.” I believe Mr Shaw should be recognized for this uncanny ability to see through the usual smoke and mirrors. Hooray for Mr. Shaw, who we thank for giving us the edge we need in in buying or selling in this volatile marketplace. And just one more thing…I recommend that you vote for McCain who will surely die in office, leaving Ms Palin in charge to set this nation on the right track.