I have seen a reduction in the amount of 1st time home buyers in lower priced homes but an increase in some higher end homes. I believe the low interest rates are helping that market. I think the vast majority of 1st time home buyers have already bought to take advantage of the $8000 credit. Most dev. homes with big tax bills on postage size lots are still sitting as there are so many for sale. Also seeing a lot of short sale and forclosures in that market. I tell my sellers Real Estate is like bread. When it's fresh and hot and advertised at a better price then it's competitors it sells but if it gets stale and old it will still eventually sell but at a greatly reduced price. There is no magic answer, we need listings to get leads but I have refused listings where the sellers are totally unrealistic with their price.
People will always need to sell and buy homes but today's market is price driven. I have also not cut down on my advertising. I think doing so is a big mistake. I still use monthly print and some local ads to get my name out there and try to get my listings as much internet exposure as possible. Good luck!
Century 21 Longacre Realty
610-845-6000 x 208 office