Real Estate – Market Advice For Sellers
Now more than ever, sellers must be knowledgeable on what is on the market, the reasons behind the market and capable of knowing what they must do if they are serious about selling their homes.
With today’s extreme financing conditions, it has become much harder for consumers to get financing for their homes. This also applies to seller financed homes. So, even if a buyer is having trouble getting a loan, the same dilemma applies to the seller, especially in today’s cooling market. The savvy seller should be well aware of what is on the market, trends, terms, the terms of their loans, future variations and possibilities and based on this information, base their asking price on the assumption that the property will not depreciate in value rapidly and they will be able to sell in a reasonable amount of time for a good price.
FSBOs are now finding out the hard way that this is a first in a long line of mistakes and short sales are more difficult to pull off due to the financial distress the seller is experiencing, so the decision should be made based on an emotional attachment to the home and on the assumption that the home will maintain its value over the long haul and that the seller can obtain the necessary financing in the time frame needed to close the transaction.
First and foremost the seller needs to determine how to accurately price their property given the physical attributes and the current market conditions as found on the market. There is no exact science to it, just common sense and a certain amount of research. Taking into account all the factors in the market place, a reliable third party opinion and a detailed property report will give a seller confidence they need and deserve when pricing their home.
The next step, when it comes to deciding on a selling price, is to find out the true value of the home. This can be done by utilizing the services of a reputable and experienced broker who will analyze the market, providing comparable sold properties and establishing the best approach to pricing a home. An appraisal should be done on the home both historically and current, then the price placed on the home will be adjusted based on the appraisal. When pricing a home properly, an informed seller can almost instantly sell their home when compared to ones that have not taken the time to price correctly.
Management of the listing is the seller’s responsibility, however an experienced broker should step in at the upfront of selling the home with an extensive market analysis. Also an experienced broker should be very familiar with the details of an transaction such as a home warranty, disclosures and knowing where to obtain financing, all of which are crucial, when coming to the close of escrow.
Still subject to significant growth, the overall real estate industry in Tampa Bay is poised for even more growth over the next few years. The improved economy has lured many to relocate to the Tampa Bay area. Possessing these key modes of Laowne County real estate availability, relocating to Tampa is very appealing to masses. In addition, the high quality of life, thriving businesses, sparkling beaches and a confusing but fun city make for a popular destination by many. Finally, with the number of homes for sale on the market, the inventory will continue to grow for sellers who understand that to maximize their return on investment, they need to price their home correctly to sell in a reasonable amount of time. Sellers who are not familiar with how to maximize their profit on the sale of their home will be prevailing and unpfailed sellers will be doomed to failure.