Originally Published May 26th, 2008

There is no doubt that this is a very interesting time to be in real estate. With so much recent negativity in the market place spawned on by hard facts and a relentless media, some sellers are deciding to rent out properties for awhile, others waiting in the wings until the coast is clear before they list their properties for sale, and some sellers even doing the “auction thing”. Real Estate Auctions are not a very good idea if you use the “Absolute Auction” sale a few weeks ago of an 8,000+ square foot beauty facing Forsyth Park known as the Walker Mansion as an example (which is pictured above along side some sold and under contract $1Million new construction townhouses one block north). The Walker Mansion sold for just over a million dollars (including all the fees that had to be paid) when most people feel it is worth much, much more. Of course the other side of this coin is the smart buyer who was doing exactly what one should do in a down market – buying low.

But after it is all said and done, this is Savannah, Georgia, a very desirable place to be, and for every extreme example that can be sighted highlighting difficult times for some, (and they are a TINY slice of the pie) at the core of real estate is the need to work, live, and play in our society and most buyers and sellers and their agents are just doing business as usual and doing just fine thank you. Of course so much depends on your point of view and there are some rough areas in our marketplace right now and yes, we do have a lot of inventory. But that gives buyers so many more choices - A GREAT TIME TO BUY!! I will admit that it has been harder to bring the two negotiating sides together these past six months. My personal opinion though is that the situation in our local market is at the turning point right now and heading back upwards just as Savannah itself, with all it has going for it, is about to take another good turn for the better.

So if you have been thinking of making a move but have been waiting for the right moment, I believe that the time is right now. For Buyers, lets decide on what we are looking for and go out and look because there is so much to see right now! And for sellers, let’s compare what we are offering with what the competition is offering, position ourselves accordingly, and get it out there on the market! And if you are looking for a deal, there are still some good ones out there but I'd definitely say the time is right to move soon.

Until Next Week,

Ron Melander