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Buyers and Sellers Must Swing With The Market!
By Peter Vallone | November 19, 2008
Market fluctuations, economic downturn, housing slump, credit crunch, mortgage meltdown and financial crisis are just some of the terms we are hearing ad nauseam.
With history as a barometer, the encouraging news is . . . it’s just a matter of time before real estate takes an upswing again. In the meantime, you’re likely adjusting your strategy to deal with today’s challenges.
Here are some essential things to consider:
FOR BUYERS:
- In the buyer’s market we’re currently experiencing, there’s an opportunity to buy at a lower price.
- There’s a large inventory of homes and lots from which to choose.
- Interest rates are near an all-time low, and buyers will save thousands of dollars on mortgage payments.
- This market can be an optimum time since homeowners looking to sell their home or lot presents a perfect opportunity for buyers. You don’t want to wait since interest rates are likely to go higher. For example, each one point interest rate increase translates to an added $10,000 on the price of a house.
FOR SELLERS:
- First impressions are everything and are certainly a key calling factor in this market. Buyers are lured by curb appeal, meticulously clean, attractive and well-staged houses.
- Money spent on enhancing desirable features makes a positive impact on buyers and can lead to your receiving a more favorable selling price.
- In this tough real estate environment, it may be beneficial to offer a buyer’s incentive. That may include enticing the buyer with a washer and dryer, a flat screen TV, a free one-year Home Warranty or a buyer’s allowance for painting and/or new carpeting, or even a get-away vacation at a desirable location.
- Price the home fairly. In a declining market, overpricing can lead to prolonged time on the market. It’s advisable for sellers to get a market appraisal before listing. The harsh reality is that home values have declined in North Georgia from five to as much as fifteen percent in some markets. Sellers must be prepared to price their home at current levels to compete with an over-abundance of homes on the market.
- Three critical areas which will help to sell your real estate more quickly are: Pricing (realistically what it’s worth today), Condition (not in need of renovation) and Marketing (professional assistance to get your house sold more quickly).
- What you may have to concede in your selling price can be more than offset when you purchase your replacement home.
Whether you’re buying or selling real estate in Big Canoe or other communities in the North Georgia Mountains, give us a call at 706-268-6426. We will gladly assist you!
Peter and Margo Vallone, Realtors
Topics: Big Canoe Community, Big Canoe Real Estate, North Georgia Real Estate |
November 19th, 2008 at 10:22 pm
Great website! Thanks for the housing market tips. Happy thanksgiving!
November 20th, 2008 at 8:34 am
Blogsite is very professionally done.
You guys have really become a computer gurus.
Nice smiles in your photo, you both look great. How do you keep those glowing smiles, considering this mortgage/real estate foreclosure crisis?. (LOL)