What Current Home Sellers Need to Consider
Posted by Louis Belote on Wednesday, April 14th, 2010 at 11:15am.The most important item to consider when selling your home in a market like we have now is...SETTING THE ASKING PRICE! Up unitl about 2007, local home prices have increased dramatically. In about late 2007, the market slowed and the changed from a Seller's market to a Buyer's market very quickly. As a result, homes were no longer appreciating at the rate of the past. Some homes had been appreciating as much as 8-10% per year for the previous 3-5 years creating some excellent equity for home owners. In today's market, a Buyer has a lot of choices when it comes to considering housing options. Home sellers need to be ready for a market they may have never experienced before. Home Sellers....look very closely at homes in your nearby area that have SOLD within the last 3-6 onths as a basis for your Asking Price. If you are fortunate enough to get a sales contract on your house after you list it for sale, an appraiser is going to review those same recent area sales in order to approve a Buyer's mortgage. If the appraiser feels the home is not worth the value on the sales contract, there is a good chance your sale will never close. This is becoming more and more of an issue in this market. It happens more frequently than we have ever seen before. Even if a buyer is ready, willing, and able to buy your home for an agreed upon price, an apprasier can kill your deal. As a Seller, consider your situation from another perspective. What if you sell your home for, let's say, $20,000 less than you think it is worth in the market. You immediatley become a very attractive Buyer to a home Seller. Since it is a significant Buyer's market right now and the inventory of homes for sale is high, there is a good chance that you can Buy a new home for at least $20,000 less than you would have in the past. Do the math...As a qualified Buyer, you could actually buy a house and have some immediate, additional equity in a market like this by just Selling your existing home for what it is really worth to a GOOD, QUALIFIED BUYER! If you want to talk more about this subject, the value of your home, or you are ready to sell, call us now at (615) 804-9999 or CONTACT US. We look forward to talking to YOU!!
Louis Belote
Licensed Broker, ABR, GRI, CRS, SFR, e-Pro
3825 Bedford Avenue, Suite 102
Nashville, TN 37215
DIRECT PHONE: 615.804.9999
Office Phone: 615.327.4800
Print
ShareBe the first to comment on this blog entry!