Ed's Blog

The Million Dollar Question of the Week: What is the State Of The Market For Sellers?

Well, it’s great in some areas which haven’t seen significant home value declines. It’s not so great in other areas. But regardless of whether you’re selling in a stable area, or an area suffering value declines, you need to beware that you’re going to have to be patient. Though there’s plenty of blame to go around for the fact that lending guidelines have tightened so much over the last several months, you can bet your bottom dollar that your patience is likely to be tested at least once during the sales transaction.

But, in effort to minimize aggravation, there are some things you can do to help expedite your sale process, or at least prevent delays.

*Hire an Experienced and Seasoned REALTOR®

I’m not advocating age discrimination! But an agent who has experience in a slow market could prove an invaluable ally. They’ll know how to make your home stand out among the masses and generate the most interest.

*Price Aggressively

The difference between selling your home in 45 days and selling your home in 120 days or more (or not at all, ugh!) will most likely boil down to how aggressively you and your REALTOR® price your home. Again an experienced agent will know what price range will generate the most interest, in the quickest amount of time.

*Don’t Put All of Your Eggs In One Basket

You need to confirm that your buyer is qualified. Even pre-approved buyers are now subject to changes at their lenders’ discretion (often at the 11^th hour.) Insist that your REALTOR® confirm, double check and triple check on the loan status of buyers. Many loans have fallen out of escrow lately, which can cause you a real headache.

*Get Creative

If your buyer runs into some obstacles with their loan, you might consider offering to pay the points on their mortgage to lower their rate. This may allow them to qualify for a bigger loan amount, thereby allowing them to write you the BIG check that you’re coveting.

Whatever you do as a seller, remember that patience is a virtue, and try to keep a positive attitude even when faced with hurdles. Stay optimistic, commit to being flexible, and the house will be sold before you know it.