Common Sense tips for Buyers and Sellers in 2009

By
Real Estate Agent with KELLER WILLIAMS in CT

Hi all! I just sent a newsletter/email to my buyers and sellers consisting of common sense tips. So, here they are...what are your common sense tips for your buyers and sellers????

Buyers:

1. First make sure your debt is low and your credit score is high!  

2. Get your pre approval before you go out to view properties (we need to know you are looking in the correct price range)

3. Unless you are buying something that needs to be gutted and you are getting it at a really low price, this is not the time to "flip" a house. This is the time to buy and settle down for a few years.  

4. Just because you hear the word FORECLOSURE, it does not mean, cheap prices on a fabulous house. Many foreclosures need work (repairs, etc.)

5. Mortgage rates are down, now is the time to get off the fence and get out there.

 

Sellers:

1. Price it right the first time! The most "action" on a listing is during the first  30 days.  

2. Be "buyer ready" -clean, do small updates if you can, and paint. The updated homes sell the fastest in a buyer's market!  

3. Grieve those HIGH property taxes! If you know your neighbors are paying less than you are for a similiar house/property it is time to Grieve your taxes, call your local town hall, etc. for info.

4. Be realistic. I still hear homeowners tell me "I want X amount of dollars" or "my neighbor sold for X amount of dollars in 2005" Sorry everyone, but it is 2009 and the many years of over inflated property values are gone.  Don't despair, as I tell you over and over again if you have consistently paid down your mortgage and have not maxed out your equity you will make a profit.  

5. After 30-45 days on the market, consider dropping the price slightly. This will increase the attention to your property and it might bring in buyers who could not afford your list price.  

 

 

 

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Connecticut Middlesex County East Hampton
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Ambassador
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George Souto
George Souto NMLS #65149 FHA, CHFA, VA Mortgages Connecticut - Middletown, CT
Your Connecticut Mortgage Expert

Ann this is excellent advice hopefully Buyers and Sellers will stop by to read it and take your advice.

Jan 12, 2009 04:49 PM #1
Rainmaker
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Sandy Fenton
Keller Williams NY Realty * Licensed Associate Broker - Mount Kisco, NY
ABR, ASP, CDPE, GRI -Westchester NY - Condos to Luxury Homes

This is great advice even now in 2010. 

The only thing I would personally change would be the price reduction.  Unless it is priced in the "sweet spot," I would reduce if less than 10 showings in 7-10 days.  Of course, I'd take the seller's motivation and the absorbtion rate in the specific neighborhood into account.

Good points for both buyers and sellers.

Jun 19, 2010 01:21 PM #2
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Rainmaker
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Ann Grant

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