Tamara Z Homes Zold!

Price it right when selling in today's market By Dian Hymer We're in the midst of a challenging home-sale market in many areas. However, soft markets can provide opportunities for some home sellers. The trick is to price your home right for today's market. The most difficult reality for most sellers to face is that prices in their neighborhood have probably dropped during the last year or two. Some sellers will find that it may not make sense to sell if the probable sale price is too low. If you have the luxury of waiting for a better market, stay put for now. Be sure to check with a knowledgeable real estate agent before you make a decision to move forward -- one who knows the local market well. HOUSE HUNTING TIP: It is an advantageous time for move-up buyers, who may have to sell for less than they would have a few years ago. But, they may also pay a lot less for the home they buy. A seller usually has an advantage selling when there isn't much competition from other listings, or when the home has unique or advantageous qualities over the existing inventory. Today's home buyers are extremely price-conscious. If there is a lot to choose from, price will certainly be a big factor. A price that's too high for the market won't bring the desired result. Homes don't necessarily lose value at the same rate in a soft market. In the current environment, buyers are more cautious about what they buy because they know that the property they buy might drop in value before it starts appreciating. They buy for the long term and are less prone to make compromises. The homes that have what most buyers want tend to hold their value better in a down market than do homes that have an incurable defect. Here a few examples of defects that can't be cured: an awkward floor plan that can't be fixed, a location next to a noisy freeway or a house that is either up or down a lot of stairs. Homes with defects that can't be corrected are easier to sell if there's low inventory, and it's a seller's market. We are now in a buyer's market. This doesn't mean you can't sell your home if it has an incurable defect. However, you will need to account for the deficiency in the price. Keep this in mind when you compare your home with one that sold recently that had level-in access, a livable floor plan, and wasn't on a busy street or next to a freeway. The condition of your property will also be scrutinized more carefully in the current market than it would have been a few years ago. You can sell a property that has deferred maintenance. But, you will sell it more quickly and for a better price if you can repair defects and have the property looking great when it hits the market. If this is not possible, take this into consideration in your list price. It's difficult to hit the market price for a property if there haven't been many recent sales in the neighborhood. If you miss the target and find that you're home is priced too high, lower it as soon as possible. A price reduction is no longer a stigma in this market. THE CLOSING: Letting a listing sit on the market too long at a high price sends the wrong message to buyers and could result in a lower sale price if market prices in your area continue to decline. If you want to shop the San Diego area inventory, feel free to use our search site at the Ascent Real Estate Web site. Top Homebuying Mistakes! The first rule of inspecting a home you want to buy is to stay intimately involved in the process, and to leave no stone unturned. If you're busy or traveling during the time period, you have to complete your due diligence investigations by enlisting the aid of a friend you trust to stand in on your behalf -- someone who will keep you well informed as inspections proceed. Buyers want to be sure they get a good deal on the home they buy. This is especially so if they're buying in a soft market. Whether a property is a good deal depends on its condition, its location and the price paid. Most buyers don't take the inspection process far enough. They hire a home inspector to do a general home inspection to make sure that all systems are in working order and that there aren't any serious defects that might affect their decision to buy or not. For some buyers, this constitutes their due diligence inspection of the property. But, in many cases, simply having a home inspection done is not enough to ensure that you don't end up regretting you bought the property. Most home inspectors recommend further inspections. Some buyers take these admonitions seriously and some don't. A recommendation that is often overlooked is to research the permit history. If you don't check the permit history, you could find out later, when you want to take out a permit for a renovation, that there are expired permits for work that never received a final approval from the city inspector. You might be required to reinstate the expired permits and finish the job to the building department's satisfaction before you can take out a permit for a new project. This could be expensive, take time, and at the least, be a hassle. Another item buyers ignore is the cost of routine home maintenance. Some homes cost more to maintain than others. Well-maintained homes will be easier to maintain because you'll have little deferred maintenance to repair. Ask the sellers for information about how much they pay per year for tree trimming, painting, and servicing house systems such as the roof, furnace and drainage systems. Also ask how much the utility bills run in an average winter and summer month. All of this will factor into the cost of owning the home. Buyers usually focus on the price they'll pay upfront for a house. How much it will cost them over time should also be factored into the total cost of home ownership. HOUSE HUNTING TIP: Buyers tend to pay more attention to the condition of the home they're buying than they do to finding out all they need to know about the area in which they'll be living. The home you buy is not a good value if you find out a year later that the neighborhood is declining. Make sure you find out if homeowners are moving in or out of the area. If you see a lot of remodeling going on in a neighborhood, this is a good sign that the homeowners plan to stay put. Another good sign is if there are few listings and the ones that come on the market sell quickly. This indicates a high demand for the neighborhood. You'll also want to find out about crime in the neighborhood, and whether or not there is development planned in the area that might have a positive or negative impact on the neighborhood. And check into the general state of the local economy. Contact me today to find out how I can help give you an advantage in today's market PRIVACY NOTICE: Please note that any information you provide when contacting me will not be sold or otherwise shared. IMPORTANT CONSIDERATIONS WHEN SEARCHING FOR YOUR NEW HOME What do like most about your current home? What do you like least about your current residence? What are the neighborhoods and areas that you would like to live in, and where do you not want to live? What are the most critical factors, in order, that are important to you: commute? community? schools? climate? distance from family and friends? What home features, by rank, are most critical? number of bedrooms and bathrooms? yard? style of architecture? move-in ready, or a fixer? If you must sell your current home in order to buy, are you ready to place your home on the market NOW? Are you pre-approved by a loan broker, and do you know what your monthly payments would be at the approved loan amount? CONTACT TAMARA TODAY IF YOU HAVE ANY QUESTIONS ABOUT PREPARING TO BUY OR SELL REAL ESTATE!