Is it Time to Sell? Can I Sell at a Loss?
Ø Is it Time to Sell?
§ No question, it’s better to be selling into a seller’s market than selling into a buyer’s market, but for many people, when they need to sell, they need to sell.
§ Key decision variables for sellers include:
· Should I wait until the market goes up again?
¨ It could be years before most of the excess inventory in the residential real estate market is absorbed. If you’re willing to wait for an extended and open-ended period, you may not want to sell now.
¨ If you anticipate life changes that will make the sale of your home necessary in the next couple of years, you may be better off selling now than waiting. It is quite possible, if not likely, that the market will continue to worsen for a while. If the market remains soft or worsens, your competition will continue to lower prices, reducing the price you can get and lowering appraisals when they sell.
· My house is worth more than what I can sell it for!
If you or someone you know owes more on their home than what it is worth, we offer Free Homeowner Resources, Information and Reports at http://www.foreclosuresinflorida.info .
¨ There is a simple universal rule in economics that applies to home sellers, which many bankrupt businesses have overlooked: A product is worth what buyers are willing to pay, and not a penny more.
¨ Buyers don’t care what you paid, what it cost to add improvements, or what you think it is worth. Buyers compare what you’re offering to what your competition is offering, and they will buy what they perceive to be the best value for their needs and preferences. No exceptions.
¨ Real estate values tend to increase over time, so eventually your property should increase in value. Only you can determine the value of your time and the cost of waiting in terms of the quality of your life.
Ø Is it Time for you to Sell?
§ We always give honest and straightforward advice to our sellers, even when the truth isn't what they want to hear. Recognizing the conditions of the market and setting your sales and marketing strategy accordingly is the only way to achieve our seller clients' objective - to sell their property for the best price possible in the shortest timeframe possible. We work hard to do the research, set the price properly, and get maximum exposure utilizing today's technology. When calls or emails come in from prospective buyers or Realtors representing buyers, we respond promptly and professionally. We communicate regularly with our sellers, keeping them up to date on sales activity and market conditions. If you're seeking assistance with the sale of your property from experienced South Florida real estate professionals, give us a call or send an email. We'll be happy to help you.
Short Sale Information for Sellers - Can I sell at a Loss?
If you or someone you know owes more on their home than what it is worth, we offer Free Homeowner Resources, Information and Reports at http://www.foreclosuresinflorida.info .
Why would a Seller want a Short Sale vs. a Foreclosure?
It is a sad fact that the majority of people going into foreclosure have just given up, and never realized that they may have a much better option. If the homeowner is assisted by a Realtor who understands the short sale process, there is a strong chance that foreclosure can be avoided. Many homeowners don’t think they can afford to sell. This is a tragic assumption, because most Realtors only charge a commission if a sale is made, and the Lender pays the commission!
A foreclosure is much more damaging to a person’s credit rating than a short sale. A short sale is a settled account, where a foreclosure is a default. Many job applications and security clearances are challenged by a foreclosure. Foreclosures remain on a credit history for at least 7 to 10 years. A Seller can bring their credit rating back up from a short sale in 2 to 3 years or less.
Short sales are much more work for the Realtors involved, as well as the title company handling the transaction. I cannot emphasize enough how important it is for the Seller to be supported by right team. From our standpoint, it is well worth the extra work, knowing that it can make such a huge difference for the financial outlook of our customers.
Copyright© 2007 by Scott A. Field. All rights reserved. No reproduction is permitted without the author’s express permission.
