WHY?

That is the question that should be asked.  Many of todays buyers are saying they want to wait to see what the market does before they act on purchasing their new home.  The media certainly has helped in creating this fear.  The problem:  The market has been sluggish and a lot of foreclosures have skewed the appraised values.  In many cases, there is an increase of inventory on the market and in some cases this can be a year to 18 months worth. 

While this can certainly cause some sellers to cringe, it should be a calling sign to buyers, that now is the best time to buy.  There is a tremendous amount of homes to consider and sellers are willing to negotiate.  Lenders still have money and at fantastic interest rates, providing of course that your credit is good.  Notice, I said good.  Your credit does not need to be in the excellent bracket, but lenders have certainly retreated to some extent on the packages that were available to marginal credit clients.  The bottom line is, that if you are a worthy risk to a lender, then there is a loan for you.  Take advantage of the market now, before it corrects again and turns back to a sellers market.  For a buyer to wait in these conditions, does not make good practical or financial sense.  When you listen to any financial planner or investment advisor, they tell you buy low and sell high.  Well, now is low for buyers.  The market will certainly return to normal as it has in the history of real estate.  Typically a homeowner remains in their home for 5 - 7 years and while there is no guarantee of what the market will do, you can certainly look to the past and ascertain that the market never stays down forever.  Don't let the largest opportunity pass you by.

Regarding sellers, this may be a little more stressful for you right now, but the good news is, there are still buyers out there.  My advice; make your home a 10 on the market.  Updates complete, home properly staged, listen to the advice of your realtor and have your home market ready and priced right.  In these market conditions, you cannot be out there testing the market.  Priced too high and you will see little to no showings, not having your home in market condition might grant you showings, but will produce no offers or low-ball offers. 

I am amazed everytime my wife forces me to watch one of those HGTV real estate shows and they advise people why their home has not sold.  You often hear the homeowner say, " My realtor said I should do that".  The advisors ask, "then why haven't you done it".  The most common response from sellers is that buyers can look beyond that (whatever "that" may be).  The truth is, that viewing a home to potentially purchase is just that.  A viewing.  People make visual assessments of your home.  If items are not updated, broken, furniture is old and nasty, everything is dated, yard not mowed, etc.  The impression you give them is I don't have the time or money to maintain my home, so beware.  To a buyer, this screams that you have not maintained the home for what is obvious to them, so how much is wrong that is not obvious.

 Make the efforts to be the best home on the market and price it competitively and it will sell.  Usually long before any of your competition. 

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Mike Gambino is part of Prudential Patterson Realtors® and can be reached at (800) 321-8586 or contacted by e-mail at WeCanSellHomes@sbcglobal.net . You may also visit us at http://www.wecansellhomes.com/

Prudential Patterson Realtors is an independently owned and operated member of Prudential Real Estate Affiliates, Inc., a Prudential Financial company. Equal Housing Opportunity.

While the contents in this article will apply in most states, they may vary in your particular locale. Mike Gambino is a licensed salesperson in Missouri.