Blame it on my teaching job or my past in real estate or maybe just the fact that it’s the thing people ask me about most: I am obsessed with selling. And in today’s market, some might say that’s a problem.
Is there hope for today’s real estate market? Here’s what the experts say:
“…[T]here are also some encouraging signs. Lawrence Yun, chief economist for the National Association of Realtors, or NAR, believes home values may start recovering next year because significant demand has been accumulating. He says prices actually continue to trend upward in the Northeast, Midwest, throughout the condo sector and in areas that are not dependent on jumbo loans.” (from “A Little Good News about Real Estate”)
“2007 will be the fifth best year for housing on record. Places like Houston, the Kansas City area, Indianapolis, and the vast middle section of the United States offer affordable prices and continued job growth. On either coast, Seattle and Raleigh, N.C., remain solid. And markets that experienced recent growth declines – like Boston, Denver, and Washington, D.C. – have already shown signs of recovery. In short, all real estate is local – conditions vary greatly from one city to the next.” (also quoting Lawrence Yun, interestingly, but this time here)
Here’s what I say:
The market is tougher, yes. There are more homes and fewer buyers, yes. There are foreclosures and economic problems…
BUT: there are still homes selling. That’s a fact we can’t ignore. Buyers somewhere are still buying, and sellers somewhere are still selling. A positive outcome of all this bad-market talk is that real estate selling/buying/investing is improving. When things bottom out and begin to return to their vibrant state, I suspect Big Players will have developed that no one expected.
What does this mean right now?
Successful sellers are motivated sellers. There’s just a little something different in a successful seller. This little something is hard to notice without practice, but it’s there—even in the beginning. When you’re selling a property, are you a motivated seller? Do you showcase the early signs of seller success? You tell me:
*Well-priced property (for the area, comparable homes, in the given market)
*Repairs completed (a savvy seller won’t showcase broken anything)
*Strong curb appeal (wow the buyer right away; stand out from the pack)
*Solid marketing strategy (I’ve discussed this before—think virtual tours, exposure)
*Aggressive campaign (utilizing more than one approach—not just a newspaper ad, for example)
*Willingness to negotiate
*Self-educated (the Internet is a wealth of knowledge!)