The Cold Hard Truth About Selling A Home Today
Real estate agents probably have one huge beef when it comes to home owners putting their properties on the market – their unrealistic expectations when it comes to selling prices. If the home owner can’t at least value their home for what they paid for it, it is the real estate agent’s, or the appraiser’s fault. The cold hard truth is simple – your home is worth whatever the market is willing to pay for it – and that could be nothing.
That last statement will have many in shock, but the truth is some homes will not sell in the current environment. With so much housing stock available, buyers can really pick the eyes out of the market. If your price is unrealistic, your home is not in a sought after area and the home is not well maintained then you’ll be lucky to give it away, especially if the local taxes are also high.
Many home owners are just plain unlucky. They purchased their home when the market was at its peak. Like everyone else, they expected prices to continue to rise. They may have also purchased the property using give away finance. You know the type – little income, little assets, little savings, but what the heck, we’ll give you a mortgage anyway.
Those days are gone and many of those buyers, as well, have been foreclosed upon. If you are looking to recoup your investment then you’ll have to suffer through the waiting game. Home prices will improve, there’s no doubt about that. The fall was huge and it may take ten years for property prices to recover – then again, it could take five. That’s how volatile the market can be at times.
If you are looking to sell your home, don’t expect any fancy prices. If you bought at the peak of the market then expect a substantial loss. If you are coping with your mortgage then perhaps the best option is to stay put and to whether the storm. The cold hard truth is, it’s a flooded buyers market and your chances of recouping your purchase price, if you bought in the last 5-10 years, could be nil.
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