Apr 07 2008
The Changing Market
In the changing market there are opportunities for all.
Lets start with the seller. If you truly want to sell your home you can, but you have to price it to sell. What has recently sold and at what price will give you an idea of value. Not what your tax assessment is for or what your home was worth a few years ago. Sellers have to be realistic in pricing their home in a changing market. To find out what your home is worth contact a local REALTOR and ask for their expertise. They can offer comparable sales and give you an idea of how to price your home to sell. If the market is on a down turn you may want to try to price it a little under what has recently sold. This will put you in the best price for value and generate more activity than similar homes priced higher. On the other hand if it is an upward turn , you may want to price your home a little higher than recent sales. If it is not to high it shouldn’t hurt the activity and chances to sell your home. If you want to sell, know the market and price the home to sell not just list it.
Buyers also have to be realistic in what they offer and are willing to pay for a home. They must also look at comparable sales and the condition of the home. Does the home need work or do you just want to make changes to suite your tastes? Make a fair offer, yes you can offer on the low side but be realistic. Not all sellers are desperate to sell. Yes they want to sell their home but don’t want to give it away, just as you don’t want to over pay when you buy a home. Look at comparable sales and what work the home may need. Get estimates anf figure a price for the repairs and negotiate that into the sale price. The market activity will also play a roll in the value of the home. Are homes selling quickly? Are prices rising? If you’re in a market that is on an upturn than you may have to offer closer to or even at the asking price. If the market is in a down turn, than you will more than likely be able to offer a little less and make a better deal.
Just remember that a few thousand dollars, although still a lot of money to most, is not worth loosing a home over. To a buyer with a 30 fixed rate loan of $200,000.00 at a 6% rate, $5,000.00 is equal to $30.00 dollars a month in a payment. Don’t loose a home for $30.00 a month. Think about it don’t let this be the reason you didn’t buy the home you wanted. If you’re the seller and making a profit, to receive $5,000.00 less is better than not selling at all. A profit of $45,000.00 or $95,000.00 is better in the bank than nothing. Don’t let emotions get in the way of buying or selling.
Want to sell or buy? Call a REALTOR today! 