The Value of Your Home
June 19th 2008 01:07
Is your home losing value in these tough financial times? Chances are, it’s worth less now than it was a year ago. For those of you not planning to move, you have nothing to worry about. In a couple of years, the housing market should rebound and you should be fine. Anyone that is planning to move soon, though, is going to be facing some challenges.
Don’t go into the sale of your home thinking that anything is going to go your way. Unless you’re in one of the few markets that haven’t been hurt by the current market slump, you will need to be prepared for the fussy buyer. To increase the amount you will get for the sale of your home, make sure it is in PERFECT condition. This is not the time to ignore scratches on the wall or mismatched wall trim. A buyer will notice and demand a lower price because of it. On the other hand, don’t put a lot of money into getting your home ready for the sale. You may not see a very good return on your investment.
I am a little tired of hearing all of the realtors say that the market is just fine so you should sell your home and buy another right now. Honestly, this market isn’t good, so face facts before you put your house up for sale. Since buyers are being very picky, you also may find that trying to do for sale by owner won’t go well right now. (This depends on where you live though.) If you can wait to sell a little longer, you will see the market rebound. There are a lot of foreclosures out there right now that need to be sold and they are hurting the market value of your home. They are hitting neighborhoods that may have never had difficulty in the past.
This current housing market isn’t pretty for a seller but hang tight if you can. I predict that in another five years, the banks will get back to their old tricks and start selling those 125% loans and other lousy deals to get those loans they so love.
Don’t go into the sale of your home thinking that anything is going to go your way. Unless you’re in one of the few markets that haven’t been hurt by the current market slump, you will need to be prepared for the fussy buyer. To increase the amount you will get for the sale of your home, make sure it is in PERFECT condition. This is not the time to ignore scratches on the wall or mismatched wall trim. A buyer will notice and demand a lower price because of it. On the other hand, don’t put a lot of money into getting your home ready for the sale. You may not see a very good return on your investment.
I am a little tired of hearing all of the realtors say that the market is just fine so you should sell your home and buy another right now. Honestly, this market isn’t good, so face facts before you put your house up for sale. Since buyers are being very picky, you also may find that trying to do for sale by owner won’t go well right now. (This depends on where you live though.) If you can wait to sell a little longer, you will see the market rebound. There are a lot of foreclosures out there right now that need to be sold and they are hurting the market value of your home. They are hitting neighborhoods that may have never had difficulty in the past.
This current housing market isn’t pretty for a seller but hang tight if you can. I predict that in another five years, the banks will get back to their old tricks and start selling those 125% loans and other lousy deals to get those loans they so love.
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