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Myth or Fact? |
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 2. The news is implying that now is a bad time to buy a home. |
 Think no one is buying these days? You’d be surprised. With historically low interest rates, a wealth of available mortgage products and a fantastic selection of homes for sale, now is a great time to buy a home. The process will be easy if you choose to work with a full-service, Coldwell Banker Sales Associate who has the tools and resources needed so you’ll be ready when the right home comes along. |
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3. I won’t get what I want or need in the sale of my house if I sell now. |
In any market, there are no guarantees to what your net proceeds will be from the sale of your home. There are five factors that will affect the eventual sale price: location, time, terms, condition of the property and the Realtor® you choose. You, as the seller, directly control four of the five factors. Working with a full-service, Coldwell Banker Sales Associate will give you the resources and confidence you need to make good decisions along the way to maximize your opportunities. |
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4. I’ve heard it could take a long time to sell a house these days. |
Although it can vary greatly from market to market due to several factors, “days on market” has only bumped up slightly from about 90 days during the peak market to approximately 105 days – only two weeks longer! There are many houses that, due to their proper pricing, condition and location, sell much quicker – some in less than one week! |
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5. I should always list my house at a higher price so I can build in some “negotiating room.” |
Not true! To enjoy the largest exposure to potential buyers, a home should always be listed as close to “market value” as possible. Negotiations will never even begin until an interested buyer has appeared. Today’s buyers feel they have plenty of options, so they will be less likely to submit a serious offer on a property they feel is over-priced. When a property appears to be priced correctly, buyers may offer close to or sometimes above asking price so as not to “lose” the house to competing buyers. |
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6. I want to purchase a bigger home, but can’t afford to sell now and maybe “lose” money. |
You are actually closer to your new home now than you were when the market was rising. Traditionally, home owners “move up” to a price point 50% higher than their current property value (i.e., from $200,000 to $300,000). So, if the market has adjusted 5% in values across the board, your current home would be worth $190,000, but your new home would be worth $285,000. Before, you were $100,000 away from your new home, now you are only $95,000 away. |
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7. In this market, I should find my next home before I list and sell my current house. |
Not always true. While this may seem like an ideal scenario, it may require you to carry two mortgage payments, or a bridge loan. Instead, work both transactions at the same time. When you choose a Coldwell Banker Sales Associate to help you sell your house, ask for assistance finding a new home as well. Further, sellers know you are serious when your house is listed. |
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8. I’m going to renovate my house because I hear that will help me get more money when I sell. |
While sometimes this is true, you need to be selective about the things you invest in and realize that the next owner might not have the same taste as you. Fresh paint, de-cluttering, and newer bathrooms and kitchens will make the biggest difference. Contact your full-service, Coldwell Banker Sales Associate for advice about preparing your home for sale. |
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9. I’ll bet there is no way I could get a loan now. |
It’s probably better than you think. There is money available for borrowers and rates are very attractive – near 40-year lows. Good credit, stable employment and sufficient income for payments have always been important and still are today, but getting pre-qualified is your first step to home ownership. |
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10. Real estate is all about location, location, location. |
This used to be true, but today, it is all about location, price and condition. Buyers have options, so sellers have to price their house right, get it ready to “show off” and choose the right Coldwell Banker Sales Associate for the job! |
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| For more facts about the national housing market visit www.housingmarketfacts.com | ||||
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© 2008, Coldwell Banker West Shell. | © 2008, Coldwell Banker King Thompson. | |
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