The state of today's real estate market is a hot topic of conversation these days. Some say that things are getting better; others say that we have not seen the worst yet. If you are thinking about buying or selling, you are likely wondering how all of this will affect you. It is important to remember that the statistics quoted on the news are usually those that represent the nation as a whole. Our tri-county area is doing better than average, but prices are still lower than they were 2 years ago. Areas in Florida and Nevada, for example, are not doing as well. Therefore the average numbers are brought down.
It is important to keep in mind that if you are selling a home, this is not a market where you can overprice your home at all. Buyers are savvier than ever before and if your home is overpriced, chances are it will not get shown. In this Buyer's market, the good deals sell first. Pricing your home competitively will help get showings which will, in turn, bring a contract. The formula is ancient: product and price. Sellers who really want to sell need to hire a Realtor who will tell them the sometimes not-so-happy truth about pricing the home to sell.
To get from contract to closing, be willing to negotiate in price and repairs, if needed. In a Seller's market, sellers are insulted by offers lower than 5% off the asking price. In today's Buyer's market, you will definitely get offers lower than this, sometimes even 20% (or more) lower than the asking price. Don't be insulted by low offers. For sellers stuck in 2004's market, when sellers ruled, today's price will be shocking to you. But for sellers who are ready to sell, it's time to bite the bullet on price.
You are probably asking yourself, "Okay, where's the good news in all of this?" Well, if buying another house is in your plans, you will be able to then turn around and get an incredible deal on another house. If you don't get quite what you were hoping for on the sale of your current house, you will make it up many times over on the purchase of your new house. It's the nature of the game in 2012 real estate!
If you are in a hardship situation and need to sell, then you should look at it as selling your home at a great price in this difficult market will give you financial relief. Sometimes, there is no better feeling than that financial burden being taken off of your shoulders.
We are here to help you no matter what your selling situation might be.If you are considering selling your home, contact us for our marketing presentation.No one markets homes better than we do!
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