Look around just about any neighborhood and you’ll probably see signs of distress. Foreclosures, short sales and defaults are on the rise and that can panic home sellers who are not in a similar financial crisis.
So, how do you sell your home when there is a market full of foreclosures?… Do things right- the first time.
As we’ve said before, it all comes down to your home’s price and condition. In order to get buyers to make an offer on your home, the price of your house must align with the market and its condition. BUT, this is true no matter what type of market it is. . Remember, buyers aren’t going to pay a premium price out of sympathy because a seller owes more than the mortgage balance.
What does change are the sellers and buyers in the game. In the current price sensitive market, and with the added awareness about foreclosures, buyers are more inclined to push for even lower prices. Sellers who are not in foreclosure or in financial jeopardy have to compete for the same buyers as those sellers who are distressed. So, if you’re a seller, you need to be realistic.
If you price your home right the first time and make sure your home shows better than other homes for sale, you will sell your home. In a declining market, your home is worth less over time and the longer it’s on the market, the more likely a buyer will feel something is wrong with it – whether or not that’s true.
A declining market is not the time to experiment with your home sale. Do your homework, research your home’s current value and get it SOLD!
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Tags: home selling, san mateo county real estate, san mateo foreclosures
Raymond Stoklosa, Broker/Co-Owner
Chela Stoklosa, Realtor/Co-Owner
