Recognizing The Right Time To Reduce Your Home’s Selling Price, So It Sells

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Of course we all want to get the most bang for your buck on the house you may be selling but it’s not that simple.  Right now, in the midst of a buyers’ market, sellers have to work very hard to get noticed.  And if they slip up in any way whatsoever, they run the risk of losing potential buyers’ interest altogether.

Buyers Have Sharp Eyes And Are More Savvy Than Ever Before

Today, buyers are far more savvy than ever before.  They know what the market rates are.  They have researched what area homes have recently sold for.  They understand the concept of recovering value from a home as it appreciates over time (something that will be a long shot if an overpriced is purchased).  And they know there is plenty of inventory.  So if they spot an overpriced home, there is a good chance they will simply walk out of your door and into the door of one your neighbors also selling their home.

The single best way to ensure that this doesn’t happen is to price your home accurately from the start.  Why waste buyer’s time and build up their hopes, only for them to realize that the property doesn’t stack up against others in the area in terms of median price or value for price?

Understanding the Signs Of Buyer Disinterest Before It’s Too Late

If you have had your home on the market for more than two or three weeks and the number of prospects started low and that continues to dwindle, you need to get back to the drawing board and perhaps reconsider your price.

If you keep seeing new faces and no repeat customers, then you have something to be worried about.  Almost immediately, anyone who is interested in your property will be active and proactive.  They will show up several times (if not more) and ask a ton of questions.  They will regularly check with your agent to learn of any new developments. And they will keep coming back to reexamine the home and envision themselves in it.

Offers should be coming in within a few weeks of having listed the home.  While they may not come pouring in, there should definitely be at least several serious contenders.  When you don’t see this normal trend occurring with your property listing, it’s time to examine the reasons why fewer follow up visits are taking place.

Disclosure packets are a bustling home-buying activity that goes on a lot but buyers only have them pulled if they are interested.  Unless your property has generated a decent amount of hype in that area, once again you should consider this a sign of lack luster buyer interest and you should do something about it.

Let Your Realtor Take The Lead; They Know What They’re Doing

As a resource of information, Realtors are always a welcome connection in terms of dealing with statistics.  And it is those very same statistics that will help shape whether your home’s price has been set accurately or if it needs to be readjusted.

Realtors keep informed about new market values, the competition and their trends plus they actively listen to feedback provided by other agents as well as, most importantly, their customers and potential customers’ feedback.

If you find that buyers are coming through and seeing your home only once, your open houses are dwindling or have almost no one coming, plus you are not getting any offers or requests for further information – then it’s time to consult with your Realtor, sit down and make a plan.  You can rebound from the damage period and rekindle buyers’ interest with a reevaluation of your property’s selling price.
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Remember, agents want you to get the best of your money but almost always, that is not achieved by overpricing a property only to have it sit there, while other neighborhood properties continue generating interest and getting sold.  Pricing is the most important piece of the marketing plan that exists.  Without that cornerstone being handled appropriately, transactions will not be seen through on the overpriced properties.  It’s up to you to recognize this and make the chance when the time is right.

Moving Out? In Today’s Real Estate Market, Which is Better, Renting or Selling?

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Contrary to what many experts, news media or analysts may have you believe, market conditions are not as bad as they are portrayed.  In some areas inventory is down, prices are up and the general consensus is a positive one, moving up in a positive outlook for the future.  But the question does arise when one is moving from a home – whether selling it now or renting it to hold out for a better selling price makes more sense.  Here we’ve put together some considerations that will help you discern which is the better choice for you.

Real Estate Is Always a Gamble, Now’s Not Any Different

There is no real way to tell exactly how the market will behave at any given time in the future but currently all trends reasonably point to both options being equally as viable.  If you opt to keep your home and rent it out, say for the next couple years or so, then there is a chance that prices will hit rock bottom and then begin to climb up again during that period.  However, there is also a chance that prices continue to plunge – in which case you would have been better off selling while a bit ahead of the game.

The main thing to keep in mind here is that even though things go up and down in the short term, real estate is a great long term investment and it’s fair to say that ultimately there will be a gain on your property value.

Buyers’ Market Today, Who Knows What Happens Tomorrow

So many indications of it being a strong buyers’ market these days make it seem that the opportunities on the buying end of things are endless.  However anything can change and it can change fairly quickly.  Take our current interest rates.  Though buyers have been used to seeing such historically low interest rates for some time now, if the government decides to raise the rates it will instantaneously change things.  Since buyer’s ability to purchase will be affected in a major way, prices will concurrently come down.

Heavy Foreclosure Inventory Appears to Dominate The Coming Path

Nationwide there are literally millions of foreclosure properties out there that need to go through the system.  As foreclosure and short sales flood the market, prices will plummet as a result of these distress sales.  In some markets this trend has crept into the upper-end niche of the real estate industry.

Why Renting Can Be Risky

If a homeowner rents out their property and while it is on rent the condition of the property suffers some damage – then they have negatively impacted the value of the home during a time when they had hoped for an increase in value.  This is the single biggest gamble when it comes to choosing to rent your home rather than selling it.

Also, there is no way to tell what the condition of the selling market may be when it comes time for you to decide to sell.

Consult With Your Realtor To Assess Your Options

Realtors deal with myriad situations on a regular basis and they also intimately know the statistics of your neighborhood and surrounding areas.  By consulting with a trusted and reputable Realtor in your neighborhood, you can gain ample perspective on exactly how your property might fare in today’s market conditions.  An informed decision would be made, given the factors at hand so you can be assured that your choice is the best as per your own situation.