REAL-ity Bites - As long as homeowners continue to overprice their homes in the market for sale, the longer it will take for the real estate housing market to recuperate.
If you are a homeowner and NEED to sell your home then by all means SELL IT but do yourself a favor price it at the right price - which means if your home is not in foreclosure, you would still need to price your home according to the comparable in your block - short sale, foreclosure or not.
I just received a phone call from a friend of a friend who wants to sell their condo because they want out. The condo is not a foreclosure, however, if they wanted to sell right now, in this market, in this very current market, they would have to sell very low, which means that according to the comparable in the same building and even the one next door, they would have to sacrifice $50K, maybe even more or double that amount, depending on how long the property sits on the market and how low the other comparable keep lowering their prices until they find a buyer or buyers, (a bid or bids).
I talked the sellers out of placing their property out of the market and even convincing them through an hour of consultation NOT to sell For Sale By Owner. They are better off holding on to the property than to sell it now.
So if you are in need of selling, do so, if not, hold on to your property until the market picks back up again...in the meantime, save yourself the time, trouble and energy on putting your home on the market, especially if your home is not in foreclosure...hold on, the right time will come along...
To end the story in a sweet note, 'sellers' thanked me and are willing to wait - and they gained real estate market knowledge...
Homeowners' Perception of Home Values Not Grounded in Reality - South Florida Business Journal 10/29/08
©2008 Diana Pѐrez
