If you're a home owner looking to sell, take time to assess your situation and do your homework on home values in your area before stating your asking price.
There's a nice piece in the Orange County Register by Marilyn Kalfus on recent statistics and trends that has some good advice on what to expect. In the article, she quotes broker Steve Thomas as saying “Just because it is the best time of the year to sell, that does NOT mean that buyers are willing to pay a premium for a home in today's market.”
The article goes on to refer to today's buyers as “spreadsheet buyers,” meaning they focus on the most recent transactions in the area to meticulously determine a price offer and are more than willing to be patient for the right offer.
The tug-of-war that results is that home owners are finding themselves making decisions out of urgency (and sometimes desperation) due to their own personal circumstances. When those personal circumstances are showing a huge loss in home value, the tendency is try to hold firm on price...while on the other side of the coin, buyers have much less urgency and are willing to wait longer than ever for the right deal.
The article goes on to say that sellers should start with “carefully arriving at price just like the buyers.” The hard reality of this is that a house is only worth what buyers are willing to pay for it, regardless of the sellers circumstances. Not a pleasant thought, but it's reality.
When the time comes that you're looking to sell your home, it's important to work with an agent you trust who can help you determine a realistic selling price. If it's not what you were hoping it would be, that's when you want to look at the urgency of your situation and decide if it's best to sell or be patient...like today's buyers:)
Click here to read the article in the Orange County Register.
For more help and hints, just call me...your Beach Areas Specialist at 562-244-8021, visit my webpage or visit me on Facebook.
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