September 26th, 2007
The chart above (I know you can’t read it- follow the link to a readable version of this chart. “Market summary” of “King County”) shows how the inventory in King County, WA is now higher than it’s been at any time in the last 5 years by a significant amount. Based on recent news stories this is typical at least throughout the US and perhaps other countries. This means if you are a home seller these days there is more competition in the market than there as been in the last 5 years. So Realtors are having to market harder and smarter to get listings sold.One way to market smarter is to make sure your listing stands out to buyers on the web with good photographs and tours. I was helping a Realtor friend put a tour link on her listing yesterday and she said, “… I haven’t had to do this for so long I forgot how do it”. Meaning it’s been a long time since she’s had to use virtual tours to get a listing sold. I think in the last few years many Realtors have thought that the market has been so hot that listings just sold themselves. Now days you have to do something extra.This market situation has just become apparent in Washingon in the last few months and started to get media coverage in just the last month. I predict that increasing awareness of this slowing real estate market will help the real estate photography business since it’s becoming pretty clear that you can’t just put a property on the market and expect it to sell in a couple of weeks.Anyone else seeing evidence that slow markets increase RE photographer business?