How to Sell Your Home in a Market Laden With Foreclosures

Most home sellers in Northern California, understand this isn't a joyous time to be marketing property. Foreclosure numbers continue to rise, and are causing distress for sellers not in the same financial crisis as some homeowners, who are either trying to weather dramatically increased mortgage payments, while finding themselves owing more on their mortgage than the house is now worth. Still others face the specter of foreclosure.

"Pricing on residential real estate is collaterally controlled presently, by the incidence of foreclosure rampant in many of the country's neighborhoods," states T. Sami Siddiqui, Broker-Owner of GreatWest GMAC Real Estate.

Buyers are bottom fishing for homes with the full knowledge there is blood in the streets stimulated by the number of home foreclosures. And these Buyers are fishing for the lowest possible prices, further driving down price. Therefore Sellers NOT living under threat of foreclosure, still need to compete with properties, which are.

There are a number of things a "traditional" Seller can do to successfully market their property, and remain competitive. (1) Price the home appropriate to where the market is currently with good comparative sales data in your area. (2) Because many foreclosed homes aren't in good repair, make certain your home is in tip-top shape. (3) Most bank-owned properties (foreclosures) are being sold "as-is". Offer your home with a roof certification, and termite clearance. (4) Make certain your home shows perfectly and appears inviting. Most bank-owned properties are vacant and cold appearing.

Overpricing your home in the current market will cause it to sit idly unsold, and possibly delay any move you anticipate making, indefinitely.

However, slightly under-pricing a home can bolster attention and buyer activity, improving chances to sell more quickly.

As in all housing markets, price and condition are paramount!

More than ever before, acquiring an experienced GreatWest GMAC Real Estate professional, will pay dividends in assisting you in getting your home SOLD.


Written for GreatWest GMAC
by: Myrl Jeffcoat