Sellers: I know, I know, I know...Your house should be selling for more...but if it's not selling...It is the PRICE! Price is where the market wants it to be and you'll be one of the lucky ones that gets that contract! Price it to sell! There is just so many choices out there for the buyer, so you have to be in the top 3 of showing condition and priced in the top 3 of value to get the buyer to choose yours...so Price it to sell! See below:
TOP STORY: Clients need the hard facts about the mortgage market
The current upheaval in the market has given rise to significant opportunities to help your clients make informed decisions. Tom Sherman, President of Mortgage Services Unlimited in Dallas, emphasizes the importance of educating clients.
For your sellers, the following points are key:
Home values will stay stagnant or potentially decrease.
Qualified borrowers are looking for deals.
Fewer borrowers are qualifying for home loans.
Rising foreclosures tend to negatively affect home values.
Increased “days on the market” (DOMs) increases the likelihood that buyers will aggressively negotiate prices down.
Continued stress in the financial markets will affect consumer confidence.
Loans may take longer to close.
Appraisals are becoming more difficult to obtain.
Properties should be funded before contract contingencies are removed.
It’s critical to encourage sellers to price homes to sell -- and sell quickly -- decreasing the need for price reductions.
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