With the passage of the $700Bil package to shore up the credit industry, some troubled homeowners see a ray of hope. However, the trickle-down effect of mortgage availability may take months while home sales continue to slump. Home prices will further erode as those who must sell drop their asking prices dramatically.
After the last two hair-raising weeks in the financial markets, one would think buyers hesitant to jump in at this point. Well, guess what? In the coastal cities from Santa Barbara to Palos Verdes, attendance at open houses is UP. Yes! Buyers are exercising extreme caution, but well-priced homes are selling.
SELLERS: Remember that you are in competition for qualified buyers. Find a Realtor whose opinion you value, and price your home well below comparable properties. OR, wait until next year when the credit crunch has (hopefully) eased. Why sell now? You'd better have a very good reason.
BUYERS: Stay in contact with your mortgage lender. Pay down your credit card debt monthly. Find an aggressive, well-informed Realtor and go shopping. Informed buyers get the good properties. Be ready to pounce. There are some outstanding properties on the market. And, DO NOT HESITATE TO MAKE AN OFFER. You don't know how motivated the seller may be.
At your service,
K.C. Soll
Sotheby's International Realty
Pacific Palisades, California
310.454.1525
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