Home sellers face a new reality as they look to move up, down, in or out of their American dream in today's market. Consumers, particularly those who purchased their homes within the last 5 years, often find their options limited by the lack of equity. Those who can sell are sometimes numbed by deflated home prices and find it difficult to justify yesterday's valuations with today's reality. Many home sellers have dug in on price hoping not to lose additional ground. Others seem to have taken this market personally, letting emotions override analysis when setting price.
Buyer sentiment has also shifted, centered on maximum value with abundant amenities, resulting in stalemates and homes languishing on the market.
There are compelling reasons to be realistic and make a move now.
1- Sellers -assuming their objective is to buy another home- can capitalize on some of the lowest mortgage interest rates on record.
2- Inventory of homes at a attractive price.
3- While a seller may sell their home for less, they will also buy for less and with significantly cheaper borrowing costs.
Today, a home priced at or slightly below market value will attract the interest of the majority of buyers. Overpricing a home will chase buyers away even if the seller adjust their price later, it will be more difficult to recapture buyer's interest.
A seller must also have in consideration:
a) Condition an appearance of the home. Sellers should not rely on buyers to use their imagination; they need to capture it. Remember that buyers may see seven or eight homes in a single day. The most memorable home will be the one that seemed the brightest, the most spacious, and the most cheerful.
b) Terms and conditions. Even if the homes is accurately priced, and the buyer is delighted with what she or he sees, if the buyer can not live with the terms of the sale, he or she may walk away. Keep an open mind on terms and conditions and evaluate how they may affect a potential sale.
c) Incentives. Offering incentives can be just the impetus a potential buyer needs to choose your property over others. Consider offering a carpet or paint allowance. If a buyer knows up front there is an allowance for the worn carpet or paint, then may overlook those cosmetic flaws. You could pay for a professional home inspection or a home warranty or help to pay closing costs, a very popular incentive in today's market.
Indeed, real estate opportunities abound for sellers and buyers who can come to terms with today's market conditions.
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