If I Had A Crystal Ball.......I Would Answer That Question!

By
Real Estate Agent with Homesmart

It's not that I want to confuse you but some questions have multiple answers

Real Estate Predictions for Phoenix 2011I try very hard to answer all of my clients questions, I encourage them, ask away, and then ask again!   That's what a professional Realtor does.  However not all questions can be answered the same each and every time.

Here are a few of the real estate questions that I was asked this week.

1.  Is the market going to go down more? Well, yes in some areas and no in others.  It depends on the area and the product you are purchasing.  Let me run the stats from the last 6 months and see where it is trending.  All real estate is local, what you hear on the national news is a picture of the whole, not just the area you are looking in.

2.  Do I have to put lots of money into my home to sell it?  That depends on what "lots" is, let's look at what is selling and make sure that we are competitive.  Buyers desire functional homes with little work to be done.  So if the roof is bad, you can put the money out to repair it or lower the price, the answer is yes or no, your choice.  If you dont fix it and price it right, the buyer for that property may or may not be out there at this time, remember a large percentage of buyers today are first time buyers with no additional money for repairs.

3.  I don't want to pay any closing costs and my lender says the seller will pay them.  Possibly, but each home and contract negotiation is different.  I will endeavor to negotiate the contract with the terms you want, but I can't answer for the seller.  Lets write a contract that would allow the seller to consider your request.

4.  Can I still get a property for 30K less than the asking price?  My answer, how many contracts are you prepared to write?  Most banks price their homes close to the price that the bank will accept and private sellers follow that theory.  So if you want to see LOTS of houses and write LOTS of contracts and spend LOTS of time, and most importantly patience, lets go for it!

It's an interesting time for real estate, low prices and 50 year low interest rates.  Each home and market area is unique.  Every question is valuable, but they don't all have one set answer.

To ask any question and discuss individual needs and markets contact me at the link below: 

Karen Turney/Homesmart/Phoenix Real Estate

visit me on Facebook at: Phoenix Desert Living

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Rainmaker
207,305
Pat Tasker
Shorewest Realtors - Germantown, WI
Your Milwaukee Metro Area Agent (WI)

I have been finding banks to UNDERPRICE in this market to spur multiple offers....and its working!

Jan 04, 2011 01:36 PM #1
Rainmaker
531,013
Karen Feltman
Cedar Rapids/Iowa City, IA KW Legacy Group - Cedar Rapids, IA
Relocation Specialist in Cedar Rapids, Iowa

These are great questions with sound answers.  Sounds like you have a good handle on your local market.  Best of luck to you in 2011!

Jan 04, 2011 01:39 PM #2
Rainmaker
169,217
Larry Bergstrom
Crescent Realty, Inc. Spanaway, WA. - Spanaway, WA
CNE, CRS, GRI

Karen, years ago a loan officer said to me when I asked him to forecast the future... "Those that read crystal balls, quite often eat glass."

You know, I think he was right!

Jan 04, 2011 01:40 PM #3
Rainer
131,370
James Harner
Considering Selling Your Home? Call 610-310-7646 first - Royersford, PA
James Harner Group - Philadelphia PA Real Estate

You are so right, Karen! These are the questions that have varying answers...and indeed, banks are willing to sell houses underpriced. thanks for the post!

Jan 04, 2011 01:44 PM #4
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Rainmaker
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Karen Turney

Phoenix Real Estate
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