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You Can Sell. Or Not.
Not every home owner considering selling a house is doing it under duress. Sometimes people just want to move. Maybe they want more space. Or they may have found some land to build their dream home - lots of trees, a bubbling brook, privacy.
However, the reality is that most homes built or sold in the last five or six years have not held their value of the original purchase price. If the homeowner put a lot of money down, they may be in good shape to sell. If not, most will be lucky to break even or make a few thousand dollars.
If you’re a home owner hoping to sell, but the market is not favorable, you really do have some choices.
1. You can sell, but consider you may need to bring money to the table at closing. $2,000? $10,000? Every situation is unique, so your Realtor® can tell you what to expect based on your home’s market value.
2. You can consider selling on your own. No agent likes this option, but it’s there. The challenge is you will need to be the one to schedule showings, meet with buyers, negotiate your own contract, still complete the required paperwork dictated by state law (property condition disclosure report), and get the home to close. It’s not impossible to achieve, and it is a choice you can make.
3. Wait. Don’t put your house on the market just yet. Cool your heels. We’re hoping that the number of foreclosed home or distress sales will decrease by spring. Once that inventory starts shrinking, homes for sale that are in pristine shape and well-loved will be more in demand, thereby home prices should increase.
Consider all your options if you are thinking about selling. Don’t get in too big of a hurry in this market. Take your time, talk to an experienced Realtor®, and be realistic about pricing your house when you sell.
Call or text Kathy Tyson at (615) 491-2161 if you’re buying or selling in middle Tennessee!
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Kathy Tyson
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October 18th, 2010 at 12:17 PM nice article, keep the posts coming