In the mist of a buyers market, home sellers should be cognizant of the over-all prospects of actually getting their home sold. The first and most important question they ask themselves are, would I buy this property, at this price and in this condition. The answer will lead the seller to assess their situation and help determine if selling is a viable option. This is a tough pill to swallow, but home buyers will not pay top dollar for a property not in supreme condition. There are different seller scenarios and motivations that have to be taken into account with a home not in ready-to-sell status.
If a home buyer purchases a bank owned or short sale property, they assume those homes are sold in “as is” condition and need some repair, but with a traditional seller, buyers now expect more than a coat of paint or a recent house cleaning. In normal circumstances, sellers can’t compete price wise, with foreclosures and under-valued short sales, but they can make their home so desirable, buyers might be willing to forgo the short sale down the street. In this economy, most families don’t have $50,000 sitting around for major home improvements. Today’s buyer can overlook flaws., if the price-is-right and if not, they have that short sale down the street or the foreclosure around the corner to choose from.
It’s not all doom and gloom for sellers though, in Davis, California and most communities surrounding our college town, the inventory of properties on the market are low and multiple buyers are bidding on the same home. The common denominator, all of these homes were priced correctly. Most of these homes needed work, but the condition and price were in-line with what a home buyer was willing to pay. If the seller can’t make the necessary financial investment into upgrades, it’s critical that all amenities be in working condition. In the buyer’s mind, an “as is” sale means major discount. As we move into the Spring and Summer months, your competing with other like-kind properties and it’s up to you to distinguish your home from the others.
Home prices are dubious and interest rates are stable, at least through the end of 2012. Buyers prefer a home that’ not going to be a money pit and with time on their side, they have the patience to wait for the right home. Please visit my website www.JohnnyBrooksHomes.com for helpful tips on buying or selling a home, scan my informative blogs and easy access to view local area homes for sale in Davis, California and the surrounding communities.