Question Details

Maria McShane, Real Estate Pro in 46375

How are sellers coping with a down market?

Asked by Maria McShane, 46375 Wed May 7, 2008

It really depends on the local market. Sellers must be more creative and responsive at the request of the buyers. With the longer market time and an oversupply of homes, the sellers need to be competitive and realistic. Homes are not selling at the double digit appreciation like before.Sellers are contributing to buyer's closing costs, giving more credit for property taxes or association dues. Redecorating allowances and maintenance credits are other strategies. I have seen where the seller's have thrown in a new BMV! The sellers need to acknowledge and appreciate the buyer of today...who are doing their homework and researching online.

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It depends on the seller. Sellers that listen carefully to a comprehensive listing presentation, especially the CMA, realize the dangers of overpricing and become more realistic when setting their price, even if it is less than they had originally hoped for.
0 votes Thank Flag Link Wed May 7, 2008
Since the area I sell in is located in Riverside County, California and we rank as #3 on most foreclosed properties in the nation, I am advising my sellers to not sell at this time if they don't need to. If they have a job transfer or other circumstances that requires a sale, then they are pricing it "low to go" or working with the lender on a approved "short-sale".
0 votes Thank Flag Link Wed May 7, 2008
I am advising my sellers to carefully look at the results of the previous week. In most cases , the sellers are left with 2 choices.Either be prepared for the house to sit longer on the market, or lower their asking price.
0 votes Thank Flag Link Wed May 7, 2008
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