Here is a question I received from a reader that, as I answered, I was curious how many other people might ask the same:
Question:
“Mike: I went to my HOA meeting last week and the pres of the HOA said that the REALTORS won’t show houses in our subdivision?? Do you have any idea what that’s about? Just curious and wanted to get your thoughts.”
Response:
Every HOA I know (mine included) says that Realtors won’t show the neighborhood. An answer like this probably resulted from the large reduction in showings across the entire market and because of the bigger ramifications of the following question:
“Why are Buyers not requesting to see homes in our neighborhood?”
Since facts are usually what speak best. I would look at the asking price of the homes in your neighborhood and then run a sales report to see what has sold in the past year, in similar price points, across your local area. Finally, I would compare traits of the sold properties vs. your neighborhood. My guess what I would find is New Homes and Foreclosures are the culprit. How many new homes and foreclosures are in your neighborhood? Probably, small to none. Most resellers, myself included, can’t beat the value proposition of a deeply discounted new home or a foreclosure in our current market.
As for REALTORS, we’ll show anything that can sell! But realize, Buyers drive the list of properties to show. In regards to your neighborhood, I expect there are newer or better deals that can be had which is why Buyers are not, yet, looking.
