| If you bought or sold your first home after 2001 | | | | multiple offers. They were all listed at market |
| then you may be perplexed by the current | | | | value and in excellent condition. |
| market. If your home has been on the market | | | | Many Sellers have a hard time adjusting to a |
| over three weeks without an offer and few | | | | slower market. They do not want to believe the |
| people are showing up at the Sunday Open | | | | Great Times are over and now they must settle |
| House... Relax... Do not panic.. You did not choose | | | | for Good Times. Many Sellers get into trouble and |
| the wrong agent... This is just a return to a normal | | | | wind up chasing a down market. They continue to |
| market. | | | | list at a price higher then market value in the |
| Over the last 5 years we became accustomed to | | | | hope that someone will still pay their price. In the |
| a frantic and fast paced market where property | | | | long run sellers who chase a market almost |
| sold in a day with multiple offers and selling prices | | | | always lose more then if they had priced their |
| far over the listed price. The last four months | | | | property correctly when it was first listed. None |
| have seen a change from that mad whirl to a | | | | of us is smarter then the market! |
| slower paced normal market. | | | | If you are thinking of selling soon here are a few |
| In a normal market it may take 30-90 days for a | | | | tips: |
| property to sell. The list price will be close to what | | | | Get your home in market condition. |
| the house down the street sold for last month | | | | *Take a good look at your home. If you have |
| and maybe a bit under, not $200,000 over that | | | | not painted recently then paintthe interior and |
| price. The best offer you receive may be the | | | | exterior if necessary. If the carpet is worn |
| first offer and it will likely be below the list price. If | | | | replace it. |
| you are lucky you may get four potential buyers | | | | Have the house professionally cleaned including |
| through an open house. Your Nephew who quit his | | | | windows. Make those minor repairs you have |
| job as an engineer to make millions in real estate | | | | been putting off. |
| is probably getting ready to go back to | | | | *Look at the exterior of your home. Landscaping |
| engineering. | | | | is often the key to selling a home. |
| Potential buyers are taking weeks or months to | | | | Buyers make half their decision on a property |
| make a decision about a property. They are no | | | | based on the exteriorof the home. Many will not |
| longer willing to pay top dollar for a home in poor | | | | even get out of the car if the exterior is |
| condition. They might look at a fixer if it is priced | | | | notappealing. |
| right but will not pay a premium price for a | | | | *Price your property at market value. Sellers |
| marginal property. | | | | always think a buyer will make alower offer on |
| A prospective purchaser will buy when they | | | | their home even if it is over priced... but they |
| perceive a definite value. They will no longer be | | | | don't. Buyersrarely look at property well over |
| willing to overpay on the assumption that the | | | | their price range in the hope the sellertakes a |
| home will double in value in 6 months. This does | | | | lower offer. Your agent will give you current |
| not mean that prices are dropping drastically | | | | market COMPSon similar homes in your area. Ask |
| because they aren't. It does mean prices will | | | | questions and view some of the competition |
| increase at a slower pace. If a property is | | | | tosee what they are like compared to your |
| perceived as an excellent value then you will see | | | | property. |
| multiple offers. I know of 6 properties in the last | | | | *Have realistic expectations. Relax.. and your |
| two weeks that sold for over list price with | | | | home will sell at the right price. |