OK…we are definitely in a “Buyers Market”…right? But that doesn’t mean it’s all bad news for home sellers. There are still buyers in the marketplace and homes are still selling.
Our purpose here is to show you how to sell in a reasonable amount of time for top dollar. When we say top dollar, we don’t mean last years top dollar but today’s top dollar.
Step #1- Determine if selling is what you really need to do. Do you have to move or do you just want to move?
If you do have to move then take a good look at all of your options. Leasing might be a better alternative, given the current market condition. Ideally, you would lease your current home into a strong rental market, like the one we currently have here in the Pike’s Peak Region and buy into your destination market, assuming that market is a Buyers Market as well.
Most economic pundits think the national market will be stronger in 2009 and 2010. If this is the case, you could sell your old home a year or two down the road into a stronger market, this would be the real estate version of buy low, sell high.
If you do have to sell or even just want to sell, the first thing you need to establish in a realistic value for your home. This is a non-emotional, apples to apples type of analysis. Realtors can provide you with a market based valuation of your property. We can’t emphasize enough that you make sure you get a realistic valuation of your property. Look at the Comparable Sales data and make sure you are looking at truly comparable sales. Also, make sure the sales are recent because chances are, the buyers will. We’re not advocating under pricing your home but the best information you can have is the truth and the truth is really valuable when selling, you want to see what the buyer will see when they are preparing to make an offer Rule #1: Know Thy Comps!
