Foreclosure in Georgia>Question Details

James Dudley, Real Estate Pro in Suwanee, GA

Want to sell your home? What Scares you most about trying to sell your home in today's market?

Asked by James Dudley, Suwanee, GA Tue Aug 21, 2007

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I would be concerned about the buyer's ability to have their financing in order. I would have all my ducks in line about my property but the thing I cannot control is the buyer and their abilities. Of course I would ask all the right questions and documentation.
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1 vote Thank Flag Link Tue Aug 21, 2007
Pam Winterba…, Real Estate Pro in San Ramon, CA
Hi Dudley,
I don't know about your market, but I would have no fear in selling my home right now in peachtree city.
Months and Months of the National News reporting only the negatives have left way too many people believing that we're all in trouble. Agents have been "flocking" trying to cash in on "bank owned properties" and foreclosure. So many people are out theres saying "the sky is falling, the sky is falling" just like the story I learned as a child of Chicken Little.
It's just my opinion that, no matter WHAT you hear about the market, people's lives continue. They get relocated for work, they move to be closer to family and friends, they retire, they upsize and they down size. Here's what I remind my own clients today: If you sell your home today, even at a little loss - if you're smart and plan effectively you get it all back (and sometimes many times over) when you turn around and buy!
Real Life Example: I have a seller who at $535,000 sales price is "losing" $15,000 compared to what he paid 2 years ago (at top of our market). BUT he's taking the deal, because it allows him to purchase in S. Florida where he's picking up a "bargain" which was listed at $1.5 Million and he's getting it for $1.0....... so that little "$15K loss turns into an almost $500K gain! In fact it's an opportunity of a lifetime for him. We all know the real estate market is cyclicle. It will balance out. If you've got a home in great condition, with upgrades buyers want in your area and priced right..... it will sell. Period. If you wait 2 years, it will sell too....and likely for more than today. Only problem is, I don't know where interest rates will be in 2 years. And ONE PERCENTAGE POINT in interest rates equates to about 10% of purchase power - so if rates move up, you'll likely loose money by holding for 2 more years!
Take that money and go find you the best deal you can find - that's the power of a buyers market.
I wish you all the best in your business. There are fantastic opportunities out there!
Martin Wise
(Martin Wise is an agent with Coldwell Banker Bullard Realty, Peachtree City Office. He only works with private Sellers and Buyers and does not deal in foreclosed property or bank REO's and he takes no paid leads from relo companies, etc. In February, 2008 Martin had his best month in 5 years and was the #1 Producing Agent in all of the Company, which has more than 400 Agents)
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0 votes Thank Flag Link Wed Apr 2, 2008
yes dudley i agree
maybe not a good time to try to sell your house
too scary
0 votes Thank Flag Link Wed Mar 19, 2008
Right now there seems to be so much uncertainty, some markets are seeing their prices erode rapidly, mortgages are becoming much harder to get and there are a lot of homes for sale. What scares me is the people who need to sell out of desperation, either they are facing foreclosure or have a job transfer or something, and will take any price over either what they paid or what they owe just to get out. Then when you want to sell your own you are against the type of comps.
0 votes Thank Flag Link Tue Aug 21, 2007
What will I have to give up to get it sold? I actually may be in the market to sell my home over the next few months. I am not really scared. Knowing what the market is in my area I will be able to price to sell if need be. There are probably 8 other properties for sale in my neighborhood! Some of them have been on the market for a good while! Time is what I would be most afraid of.
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0 votes Thank Flag Link Tue Aug 21, 2007
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