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Honesty Will Help Sell Your Home

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One quality that you should be looking for in your listing broker is honesty, so if a broker does not give you a realistic view of the value of your home do not hire them.  The broker should provide a detail comparative market analysis.  The analysis should be of the last 30 days of homes with similar features.  Here is why.

Today’s market is very volatile, so if you do not need to sell don’t.  You may find that surprising statement coming from a real estate broker, but there are several factors that makes this statement the best advice for any seller.

In previous years, a seller could list his or her home for as much as the seller wanted as long as the buyer was willing to pay the price, it sold.  The seller also could list the home at a number higher than the Realtor recommended that the seller list the home at, and it would sell.   The seller would term this pricing strategy as “wiggle” room. The reason this stragedy was successful was because it was a seller’s market back in 2003 to 2005.

Those tactics started showing the first signs of soften in 2006 when homes that were listed started remaining on the market for 3 to 6 months before selling.  Prior to 2006, it was not uncommon to have a bidding war on homes.  Several changes in the market happened in 2006 that influenced the market today and turn the market from a seller’s market in 2006 to a buyer’s market in 2009:

  • increased in foreclosed homes
  • changes in appraisal methods
  • increase in minimum credit score to purchase a home

At the end of 2008, there were an upheaval of foreclosures and sharp economic downturn; thereby, prompt mortgage companies to tighten their belt and not allow financing.  Those changes affect buyers being able to qualify for a loan due to the credit score requirement to increase to 620.

The belts were so tight that the government had to step in.  I would like to find out if you think the changes to the mortgage industry that the government mandated helped or hurt buyer? seller?

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About admin

Serena Brown is broker and owner of Taylor-Brown Real Estate. She is the author of this blog. She has also co-authored a book entitled Should I Short Sale My Home. She has authored a e-book How to Sell My Home. She will be authoring a book on real estate investing by April of 2010 and several reports. She has dual degrees in Business Administration and Electronic Engineering Technology. She prides herself on being up to date on all trends, news, and education related to real estate to include short sale, loan modification, etc. She also makes sure her clients are abreast of how these changes will affect them financial. Therefore, stay tuned for great information in 2010.
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2 Responses to Honesty Will Help Sell Your Home

  1. Thank you for all the detail!! Still another fabulous way of seeing things, truly precisely why I come back to all your webpage often…

    DANIELE

  2. Luigi Fulk says:

    Very informative article… Looking forward for more articles on your blog


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