A Return to Fundamentals in 2007 for Property Sellers
A Return to Fundamentals in 2007 for Property Sellers
If you sold and move up in the real estate market in the last few years, you have a thorough understanding of the madness of the recent sellers market. Simply put, it was to hot to touch. Selling your home was no problem at all. Buying a new one, however, was a different story. The pool of buyers was large and inventory was low. Frankly, people were way overpaying for homes.
As we turn to 2007, that sellers market has played out and now it is a buyers market. Interest rates have risen, home values have stagnated or dropped and demand is down. In practical terms, this means the prospect of selling your home for a nice profit in 2007 is not impossible, just more difficult.
If you are considering selling your home in 2007, there are a couple of factors that you should focus on. The first is your local real estate market. Just because national trends are in favor, it does not mean they apply to your local market. Many markets such as Colorado and Texas simply do not follow national trends. Make sure to check yours before assuming it is a sellers market.
A second factor to consider is whether you NEED to sell now. Just as the sellers market petered out, it will also come back. Yes, it might take a few years, but patience has always been rewarded in real estate. If you can hold out for a few years, it might be wise to do so.
Assuming you have to sell your home in 2007, it is time to return to the fundamentals of the sales process. First and foremost, understand your market by getting an analysis of similar properties in the neighborhood. Second, get your home in tip top shape including your landscaping and cleaning up the garage and driveway. Third, set your minimum price and stick to it, to wit, don't panic if your property sits on the market for a bit. Fourth, be reasonable when it comes to setting a price. Buyers have many choices these days, so don't price yourself out of the market.
At the end of the day, 2007 is shaping up to one for buyers. If you focus on the fundamentals, however, you should be able to move your property if you persevere.
Related Tags: property, prices, real estate, values, houses, sell, homes, seller, fundamentals
Raynor James is with FSBO America - save money when selling and buying with FSBO homes for sale by owner.
Your Article Search Directory : Find in ArticlesRecent articles in this category:
- Qualifying Equals More Sales and More Income
In my experience in the new home sales industry and the opinion of the top producers across virtuall - Questions From Home Sellers
Home sellers have been contacting me about selling their homes with the question: "Should - Top 10 Reasons You Can Sell More Real Estate With A Podcast
A lucrative career in real estate used to mean shaking a lot of hands and praying for favorable mark - How Important is a Real Estate Appraisal?
A real estate appraisal is necessary any time you buy or sell any kind of real estate. The purpose - Window Treatments Can Help Sell Your Home - Let a Home Stager Show You How
New window treatments can make a world of difference when selling your home. They can add value and - Sell Land Contract Agreements for Cash To Professional Note Buyers
You can sell land contract agreements to a professional note buyer for a lump sum of money. Many peo - How To Prepare For An Open House
To further maximize exposure, your Realtor may recommend you hold one or two types of open houses as - Selling With A Real Estate Representative
Selecting a RealtorFinding the right real estate representative takes some time and care. A good pla - Home Selling Tips - Tips On Selling Your Own Home And Preparing Your Home For Sale
Top Ways to Boost Your Homes ValueSelling your home is a major life event; buyers and agents will co - Selling Your Home - Exterior Ideas
When listing your home for sale, it must be in the best shape possible. This may mean spending some
Most viewed articles in this category:
- Great Curb Appeal: Your First Line Of Defense For Selling Your Home
Trying to sell your home without "Great Curb Appeal" is an uphill struggle. Without pristine curb a - Dependable Recumbent Bicycle Dealers
Recumbent bikes place the cyclist in a laid-back, easy chair riding or reclined posture. Unlike conv - Free Home Staging Tips that Make Your Home Sell Faster
A 2006 Chicago Tribune article cites a National Association of Realtors (NAR) study validating the i - Prospecting for Real Estate Clients is Not a Short-term Activity
Have you ever mailed a prospecting letter to 100 or even 500 homeowners in your neighborhood, waited - Putting Your Best Foot Forward When Selling Your Home
As the real estate market cools off, it is important to focus on the fundamentals if you want to sel - Home Loan Finances
You can take a loan from banks or lending companies. Banks and such companies have their set criteri - Selling Your Gilbert Home in a Tough Market
Selling Your Gilbert Home When No One Is Making An OfferThis may seem like a terrible time to have y - Real Estate Market for Sellers in 2007
For much of this decade, sellers have sat in the cat seat when it comes to the real estate market. A - Staging, Selling Your Home For More Money
In the middle-of-the-road housing market, homes are remaining for sale longer than they did about on - Trying to Sell a Home with Little or No Equity
Many homeowners are sweating finances these days. For a variety of reason they are in over the head