Houses Do Sell In A Down Market, Just Not As Easily.
As a seller, you know the importance of a good real estate agent and preparing the home for potential buyers. The houseexudes curb appeal, you are keeping the inside neat as a pin and you are always ready for the last minute potential buyer. You have gone through the bother of finding and repairing any possible problems.
If there are any you cannot repair, be sure to disclose them. Barring repair, be ready to make an allowance for the new buyer to take care of the repair. Don't try to bury problems; you may risk being in a lawsuit with the owners.
Make the price right. Work with your real estate agent to look at the comparables which will show what houses in your area sold for in the recent past. This list is critical. Even if you feel your home has more worth (it is YOUR home, after all), what other homes have sold for is more important. By the same token, you have to temper the opinion of the real estate agent. She may have a different agenda, since a quicker sale means immediate commission to her, and she may be willing to lower the price to achieve this. This may be in direct conflict with your desire for the highest possible price. Work with her to find a perfect middle area.
Even in a tight market, it is still recommended that the seller put a slightly higher price on the home than expected. Very rarely will you find a buyer who will not try to lower the price. A little higher price will give the seller some room to bargain.
When you list your home is also crucial. Even in a strong market, houses move more quickly in the typical selling seasons. In an area that has predominantly young families, you will find that people like to look for homes in the spring so they attend to the closing and moving before school begins. This would not be a consideration in an over 50's community, but winter may be especially slow in such an area since a lot of "snowbirds" may live there.
The status of your own home purchase should also have an impact on the timing of your sale. Most people don't have enough money to carry two mortgages, so it is important that you time the sale of your home to coincide as closely as possible with the purchase of your new house. A mortgage is a cost, so if you get a reasonable offer, you should consider think about taking it in any case. In this market, don't lose a good opportunity to sell just because you don't have your new house yet. A short term rental may be a lot cheaper than carrying two mortgages, and being flush with cash may make shopping for a new house much easier.
If there are any you cannot repair, be sure to disclose them. Barring repair, be ready to make an allowance for the new buyer to take care of the repair. Don't try to bury problems; you may risk being in a lawsuit with the owners.
Make the price right. Work with your real estate agent to look at the comparables which will show what houses in your area sold for in the recent past. This list is critical. Even if you feel your home has more worth (it is YOUR home, after all), what other homes have sold for is more important. By the same token, you have to temper the opinion of the real estate agent. She may have a different agenda, since a quicker sale means immediate commission to her, and she may be willing to lower the price to achieve this. This may be in direct conflict with your desire for the highest possible price. Work with her to find a perfect middle area.
Even in a tight market, it is still recommended that the seller put a slightly higher price on the home than expected. Very rarely will you find a buyer who will not try to lower the price. A little higher price will give the seller some room to bargain.
When you list your home is also crucial. Even in a strong market, houses move more quickly in the typical selling seasons. In an area that has predominantly young families, you will find that people like to look for homes in the spring so they attend to the closing and moving before school begins. This would not be a consideration in an over 50's community, but winter may be especially slow in such an area since a lot of "snowbirds" may live there.
The status of your own home purchase should also have an impact on the timing of your sale. Most people don't have enough money to carry two mortgages, so it is important that you time the sale of your home to coincide as closely as possible with the purchase of your new house. A mortgage is a cost, so if you get a reasonable offer, you should consider think about taking it in any case. In this market, don't lose a good opportunity to sell just because you don't have your new house yet. A short term rental may be a lot cheaper than carrying two mortgages, and being flush with cash may make shopping for a new house much easier.
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posted by SolveItQuick at
10:12 AM
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