Daily, we're being bombarded by bad real estate news from the media - - TV, talk radio, print, & internet. Real estate is a great fill-in when the media sources run out of major stories.
Let's look at some positive real estate news:
1. Interest rates remain at record lows.
2. There are many legitimate, specialized loan programs for first-time buyers, to make homes affordable. And, buying a home during a buyers' market means that owning a home may be more cost effective than renting.
3. If you are a buyer or a seller, remember that the the list price & terms are always negotiable; make the transaction a win-win.
4. If you are selling a home & intend to buy another home, do the math. Yes, selling prices, in general, are lower than they have been in recent years. However, you'll pay a lower sales commission in terms of dollars & certain related closing costs. And, the sales proceeds you receive should, in general, help you buy a home at a lower price than you would have in recent years, because of the "domino effect."
5. If you are a seller, don't shop for a real estate agent who will list your home at a price you dictate, unless you want to continue to own your home. Instead, keep an open mind. Have your real estate agent show you not only the sales price of comparable homes that have recently sold; but, also, the listing prices of comparable homes currently on the market for sale. Your real estate agent should, also, be willing to schedule appointments for you to view your competition's condition, so you can position your listing price to gain a market advantage. This will help you sell your home within a reasonable time given your market.
6. If you are selling a home, make sure you prepare it for sale. Preparing your home for sale means turning it into a "product" for sale. The buzz word for this "staging" a home. In a buyers' market, your home needs to be move-in ready. Buyers look for the best staged home in their price range. There are real estate agents who are also Accredited Staging Professionals ("ASP"). Consider retaining one of them or an independent ASP. No matter the listing price range of your home, it will sell more quickly if it is staged well. The condition of your home is a major factor in the time your home stays on the market and the price buyers are willing to offer.
Steve & Pat Pribisko