Selling Your Home In This Market
The housing market has never been like this before. There are challenges for buyer's to obtain loans and many aspects to loans and laws are in constant change. Of course you will want to find a Realtor that is keeping up to date on the current climate in this market as well as changing up and keeping with the times for marketing. Every aspect of a Realtor's job has been tweaked in the last two years and your agent needs to keep up if they are going to represent you well
There are still equity sales in this market. Although they do unfortunately, have to compete with the short sales and REO (bank owned) sales. Equity sellers can still walk away with a profit. You need to make sure that you don't put unnecessary money into the sale of your home though. This is no longer the age of putting in costly upgrades and expecting your money back out of it. You need to be very careful on what "upgrades" you choose. If it isn't the kitchen or bath, you may want to rethink it. Upgrades that are mostly personal taste driven should be held off. You most likely won't get your money back out of it. Kitchen and bath upgrades should be neutral and make the space look fresh. It isn't necessary to get granite but a nice solid surface that is a neutral color will give you more bang for your buck. Not everyone wants granite or like those different colors and patterns for an example
Marketing in today's market has less to do with print and much more to do with websites and phone apps. People like to access the information on your house from the palm of their hand. If they can't stand in front of your house and find out how much you're asking and the square footage of your home, you’re missing out! A lot of buyer's use their smart phones to access Redfin or similar app to access this information as well as how to get a hold of your agent for a showing. You have to make sure your agent is up to speed with this technology
If you need to sell but are upside down on your mortgage consulting your trusted Realtor to see if a short sale is a good option for you is a smart move. Please be candid and give that agent all the information pertaining to all liens on your home as it will only help you if the agent has the entire picture upfront. Short sales are getting easier to do although they still require a lot of patients. B of A is vowing to streamline their short sale process and other banks are following in step
This market is different and can seem scary. It is still a market though and homes are selling.
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