Safe to Sell Your Home Again? Yes!

By
Real Estate Agent with Keller Williams Realty

Had to share this great article from CNN Money.....

 

While analysts debate when the housing market will hit bottom, for a surprising number of cities the turnaround has already begun.  In December, prices rose in 109 of the 384 metro areas tracked by data firm CoreLogic. 

Making sense of the story

There are certain signs to help determine if a particular neighborhood is on the verge of a rebound.  For instance is local employment on the upswing?  That’s a critical factor for a region to get itself on the path to recovery.  Improving jobs picture has led to shrinking housing stock across the country, as investors and bargain hunters have started buying up foreclosures that have been preventing a recovery.

For years, buyers were scared of overpaying for a home, but less so now.  Many buyers have grown accustomed to thinking they’ll score deals, so they tend to act slowly, and typically start bidding around 10 percent to 15 percent below list price.  However, a growing number of buyers are beginning to realize that if they wait too long in this market, they may miss out.

Sellers can hold firm on price if they’re patient.  The days of having to deal with low-ball offers are coming to an end.  The higher the price, the more patient the seller must be.  Cheaper homes are affordable to more buyers and appealing to investors, so recoveries usually start there. 

Sellers should keep in mind that while they don’t have to placate low-ball offers anymore, they also can’t shoot for the moon either.  Working with a REALTOR® and setting a realistic price from the get-go is key.

Sellers should know what they’re competing against.  Homeowners should let their home’s value dictate the price.  While this may seem self-evident, some owners may have lost sight of it during the bust.  On the one hand, some sellers clung to the false hope of a return to boom prices, so they set prices unrealistically high.  Others may have gone too far the other way, and set their price too low.

It’s also important that sellers understand they’re no longer competing with gutted foreclosures.  Buyers are tired of looking at worn-down, neglected, distressed properties and often don’t have much extra money to do a lot of fixing up.  REALTORS® often report their clients are willing to pay a little more for a home that’s ready to move into.

 

Here is the link to the full story:

http://money.cnn.com/2012/04/19/real_estate/housing-market.moneymag/index.htm?iid=HP_River

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Topic:
Home Buying
Location:
California Los Angeles County Sherman Oaks Library Square, Sherman Oaks
Tags:
los angeles real estate
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investment property
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house flipping
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Rainmaker
384,153
Bruce Walter
Keller Williams Realty Lafayette/West Lafayette, Indiana - West Lafayette, IN

Our market has shifted this winter/spring, Emily and we are now on the rebound!  Good article for your consumers!

Apr 27, 2012 02:51 PM #1
Rainmaker
1,265,098
John Pusa
Sellstate Pacific Realty - Glendale, CA
Your All Time Realtor With Exceptional Service

Emily - I think, you are right. Locally, there are less listing comparing to a year ago. Thank for the very good blog.

Apr 27, 2012 06:20 PM #2
Rainmaker
233,633
David Grbich
Ventana Coastal Properties - www.FindCARealEstate.com - San Juan Capistrano, CA
Orange County Real Estate - 949-500-0484

Yes - it's a full scale seller's market here in socal. Hopefully lower inventories and rising prices will bring sellers out as buying is a real challenge right now.

Apr 28, 2012 06:45 AM #3
Rainer
7,718
Coldwell Banker Excellence
Coldwell Banker Excellence - Brea, CA

 

An Extract from the WSJ about Buying Market

 

According to the wall street Journal housing market may have bottomed out. Of course, that’s what the press has been saying for the last four years. But now, WSJ says buyers are bidding against one another:

 

A new development is catching home buyers off guard as the spring sales season gets under way: Bidding wars are back.
From California to Florida, many buyers are increasingly competing for the same house. Unlike the bidding wars that typified the go-go years and largely reflected surging sales, today's are a result of supply shortages.

 

We don’t know. But our guess is that there’s more pain to come from this housing bear market ... lower prices. And more collateral damage too.

 

 

 

May 02, 2012 06:22 AM #4
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Rainmaker
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Emily Rose Newmark

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