You have put much thought into making the decision to move and now is the time. However, every article you read puts doubt and fear in your mind as to the success of obtaining a sale on your home. Most authors portray a bleak real estate market with no mercy on would be sellers. What to do!
In my thirty years in real estate, one fact is clear. Homes will sell in any market! I sold properties in the late seventies and early 80’s when interest rates topped 17%! Can you imagine presenting a potential buyer with that kind of impediment? Yet, we sold almost as many homes as the years prior. The reason is that there will always be purchasers of homes as there is more to owning a home than just the financial implications. Remember when you bought your first home? What were the reasons that lead you to signing that offer to purchase? For most, the reasons for purchasing involve providing a safe environment for the family. A home represents comfort, peace, and independence as well as a feeling of control of one’s future payments and environment.
Interest rates currently are still relatively low. However, the negative press has stirred up the feelings of uncertainty about future values as well as the fears of foreclosure. So many buyers are on hold. This means there are more homes on the market than purchasers. Supply and demand tell us that with over supply come falling prices. In most areas this is true. Prices have fallen from 5% to 10% in most areas over the last year and a half. But one must also appreciate the over heated appreciation of the last 10 years caused values to soar Overall, long term home owners have still netted high return on their real estate investment.
Condition therefore has become more important than ever, as buyers have more homes to choose from. More competition means that a home must appear structurally sound or the price will be heavily affected. Cosmetics are also quite important if the goal is to attract top dollar. The most important structural areas of attention should be the roof, furnace, basement walls, electric and plumbing. If there are any defects in these areas, contact a professional to fix the problem if funds are available. As for cosmetics, the kitchen and baths will bring the best bang for the buck. Flooring is also important. Carpet and paint bring excellent rewards when putting the home on the market.
A home that shows well and priced properly will still sell in a relatively short time (30-45 days). If you want to sell as is, be prepared to price the home below other homes on the market. A well priced home even in as is condition will sell in that same 30-45 days. You’ll have to rely on the Senior Real Estate Specialist to help you determine that right price.