Phillip, there's radio ads running all over Richmond selling the "49 thousand dollar house" from their exclusive foreclosure list...Might be time to make up for some lost income doing BPOs and Short Sale work! Best to you and may God Bless Obamanomics! America Needs Relief! Good Luck and Best Wishes...JL
Hi all...the good news is Real Estate is alive and kickin'...but if you are a Seller you are more likely getting "kicked". Prices are down appraisals are tight and inventory is high. The bottom line is its a Buyers Market for those who can qualify(lots of people can...its just that the lender checklist of buyer requirements is much more extensive and detailed than in previous markets.) The problem for both buyers and sellers is that there is so,so,so,so much inventory. Buyers have a
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lot of choices so they take a little longer to decide... regular non-distressed Sellers have a lot of competition with Short Sales and Foreclosures commanding the market. But as always the best homes get scooped up very quickly...so buyers still need to move with purpose because there are fewer great deals than there are buyers...there is a huge difference in the supply of housing vs the supply of good housing. So, for those of you wanting to get a great house for a good deal, the time to buy is now. As with everything the market is cyclical and it will positively readjust...but that process is going to take time. TMW
I agree with TonyaM on this. If your selling you need to fix the house and have it staged. Get a pre-sale home inspection done and even though you feel your home is worth more listen to the experts. As a buyer, there are some great deals out there now. Just have to look past the clutter in the homes and see what it could be like with your personal touch.
I agree with Tonya--it is a tough market and like it or not, forclosures and short sales are your competition,but there is a bright side. There are buyers out there and deals are happening.
If you are a Seller, hang on and make smart decisions. Get the advice of a professional and make sure your home stands out in a crowd.
(In my opinion) There are only 2 reasons a house does not sell. It is priced wrong or it is
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UGLY!
A home that is priced correctly and shows well will sell. Buyers are smart because we have taught them to do their homework and shop the market. When you offer a home that shows like a model and is priced competetively, there is nothing to negotiate. Sell from strength!
Get the word out however you can and tell everyone you know that your home is for sale.
You never know who has a friend or relative looking to buy.
A word to to the buyers, I know that currently it is a buyers market but please be reasonable and realistic when making offers and finding the home you want. Yes you want a good deal but keep in mind that it is your "home" and that you do need to love living there. Just because you got a financially good deal does not mean that you are making the perfect choice. If you find a great house but wrong location, it is not a good deal.
After I finish Pharmacy school, I plan on getting my Real Estate license. I love looking at homes and doing improvements. It's a lot of fun! While things are hard now, they will improve! I think right now Hampton Roads the main problem is large amount of inventory. Also, we have a lot of people who move due to the large number of military in the area, so it's even hard to get renters who will stay for a while if you can't sell your house. What I've noticed when looking at homes
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online is that the sellers are really trying to still make a profit when they owe more than their house is worth. I feel that if you are asking 300K or more for your home, it needs to at least have upgrades in it! Especially, the kitchen!!!
You are correct! Real Estate is a cycle. It will come back--slower this round but none the less come back.
What everyone needs to remember is that if you are a seller today, you will most likely be a buyer as well. You may be taking a "hit" when selling your house but you will do well when you are buying. I don't think anyone is going to ask to pay more or a higher price when negotiating the new
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place they want to purchase right?
It all kind of balances out in the end.
We all just need to keep it in perspective and look at the overall picture.
There are certain things that should be done to prepare at any price level. Especially as the price increases.
What sells any home is kitchens, bathrooms, Master bedrooms and even out door living areas.
You will get a good deal of return on your money by doing those rooms.
Don't forget the key...A clean home. Looks good, smells good, feels good---makes people comfortable.
If you are a Seller, hang on and make smart decisions. Get the advice of a professional and make sure your home stands out in a crowd.
(In my opinion) There are only 2 reasons a house does not sell. It is priced wrong or it is ...»
A home that is priced correctly and shows well will sell. Buyers are smart because we have taught them to do their homework and shop the market. When you offer a home that shows like a model and is priced competetively, there is nothing to negotiate. Sell from strength!
Get the word out however you can and tell everyone you know that your home is for sale.
You never know who has a friend or relative looking to buy.
A word to to the buyers, I know that currently it is a buyers market but please be reasonable and realistic when making offers and finding the home you want. Yes you want a good deal but keep in mind that it is your "home" and that you do need to love living there. Just because you got a financially good deal does not mean that you are making the perfect choice. If you find a great house but wrong location, it is not a good deal.
For more info check out more tips and ideas by downloading a copy of my book www.makeeverybuyerwantyourhouse.com
Hope this helps.
What everyone needs to remember is that if you are a seller today, you will most likely be a buyer as well. You may be taking a "hit" when selling your house but you will do well when you are buying. I don't think anyone is going to ask to pay more or a higher price when negotiating the new ...»
It all kind of balances out in the end.
We all just need to keep it in perspective and look at the overall picture.
There are certain things that should be done to prepare at any price level. Especially as the price increases.
What sells any home is kitchens, bathrooms, Master bedrooms and even out door living areas.
You will get a good deal of return on your money by doing those rooms.
Don't forget the key...A clean home. Looks good, smells good, feels good---makes people comfortable.