| If you bought or sold your first home after 2001 then | | | | Sellers get into trouble and wind up chasing a down |
| you may be perplexed by the current market. If your | | | | market. They continue to list at a price higher then |
| home has been on the market over three weeks | | | | market value in the hope that someone will still pay |
| without an offer and few people are showing up at | | | | their price. In the long run sellers who chase a market |
| the Sunday Open House... Relax... Do not panic.. You | | | | almost always lose more then if they had priced their |
| did not choose the wrong agent... This is just a return | | | | property correctly when it was first listed. None of us |
| to a normal market.Over the last 5 years we became | | | | is smarter then the market!If you are thinking of selling |
| accustomed to a frantic and fast paced market | | | | soon here are a few tips: Get your home in market |
| where property sold in a day with multiple offers and | | | | condition.*Take a good look at your home. If you have |
| selling prices far over the listed price. The last four | | | | not painted recently then paint |
| months have seen a change from that mad whirl to a | | | | the interior and exterior if necessary. If the carpet is |
| slower paced normal market.In a normal market it may | | | | worn replace it. |
| take 30-90 days for a property to sell. The list price will | | | | Have the house professionally cleaned including |
| be close to what the house down the street sold for | | | | windows. Make those minor repairs you have been |
| last month and maybe a bit under, not $200,000 over | | | | putting off.*Look at the exterior of your home. |
| that price. The best offer you receive may be the first | | | | Landscaping is often the key to selling a home. |
| offer and it will likely be below the list price. If you are | | | | Buyers make half their decision on a property based |
| lucky you may get four potential buyers through an | | | | on the exterior |
| open house. Your Nephew who quit his job as an | | | | of the home. Many will not even get out of the car if |
| engineer to make millions in real estate is probably | | | | the exterior is not |
| getting ready to go back to engineering.Potential | | | | appealing.*Price your property at market value. Sellers |
| buyers are taking weeks or months to make a | | | | always think a buyer will make a |
| decision about a property. They are no longer willing to | | | | lower offer on their home even if it is over priced... but |
| pay top dollar for a home in poor condition. They might | | | | they don't. Buyers |
| look at a fixer if it is priced right but will not pay a | | | | rarely look at property well over their price range in |
| premium price for a marginal property.A prospective | | | | the hope the seller |
| purchaser will buy when they perceive a definite value. | | | | takes a lower offer. Your agent will give you current |
| They will no longer be willing to overpay on the | | | | market COMPS |
| assumption that the home will double in value in 6 | | | | on similar homes in your area. Ask questions and |
| months. This does not mean that prices are dropping | | | | view some of the competition to |
| drastically because they aren't. It does mean prices will | | | | see what they are like compared to your |
| increase at a slower pace. If a property is perceived | | | | property.*Have realistic expectations. Relax.. and your |
| as an excellent value then you will see multiple offers. I | | | | home will sell at the right price.Kaye Thomas has been |
| know of 6 properties in the last two weeks that sold | | | | selling real estate in Manhattan Beach Ca since 1979. |
| for over list price with multiple offers. They were all | | | | Kaye works with buyers and sellers and specializes in |
| listed at market value and in excellent condition.Many | | | | residential and small residential income property. In |
| Sellers have a hard time adjusting to a slower market. | | | | addition to selling Kaye spent 16 years managing an |
| They do not want to believe the Great Times are | | | | office and developed an extensive training program |
| over and now they must settle for Good Times. Many | | | | for new agents. |