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Here is a great article on pricing a home to sell! We all love our homes, otherwise we wouldn’t be living in them, but when it comes time to sell, one has to take a hard look at what someone else will pay for your home.
I’ve attached the link to the article below (cut and paste into your browser if the link doesn’t work) but here is also a quote from the article:
“Your home is worth what a buyer will pay for it given current market conditions. This may not be the same as your opinion of what your home will sell for, or what you hope it’s worth.”
The tricky part is that market conditions change all the time. If a home doesn’t sell within the first 30 days, then where is the market headed and what needs to be done? A seller has to either work on the condition of the home at that point (if it needs it), or price it lower to sell (assuming a declining market). There are some neighborhoods in the greater Seattle area that are appreciating in price, but many areas are still declining. Sellers can get “stuck” on price as we call it in real estate, instead of remembering that market conditions change all the time.
Let me know if you have any questions about the article below or what market conditions are doing in your neighborhood.
http://www.inman.com/buyers-sellers/columnists/dianhymer/price-your-house-sell-quickly
I’ve had several conversations with sellers lately, surrounding the issue of short sales. I know it’s easy for people to get frustrated about trying to work with their bank after they miss payments and are close to being served a notice of foreclosure. It can also be embarrassing for owners to find themselves in this position as they often feel they have done something wrong, even when they haven’t. As I reassure the owners I talk with, there are thousands and millions of people in this country with the same issue. There was a “perfect storm” of conditions that all came together at the same time that have put many people in the position of being so short with their homes, value as versus what they owe, that each owner of a devalued property has to make the decision that is best for THEM, and no one else.
It is much better for a seller to do a short sale than a foreclosure, for many reasons, and while I’m not going to go into all of them in this post, there have been a couple changes lately that will greatly help the short sale process.
First off, the number of short sales are increasing and even outnumbering REO sales in certain states. Some experts are now speculating short sales might become a key to preventing an even greater swelling of foreclosed properties on the market.
Compared to a year ago in January 2012, pre-foreclosure sales, which are typically short sales, increased 33 percent, according to a recent RealtyTrac report. Short sales even outpaced bank-owned REO sales in 12 states, including Utah, California, Arizona, Florida, Indiana, Colorado, New York and New Jersey.
And most exciting for those considering a short sale, new regulations will soon be implemented that will expedite most of those decisions. Beginning June 15, distressed homeowners whose loans are backed by Fannie Mae and Freddie Mac should expect their real estate agents to receive a decision on a short sale offer within 30-60 days.
The GSEs recently issued new guidelines that are designed to bring greater transparency to the short sale process and expedite decisions related to these pre-foreclosure sales. Fannie and Freddie plan to use the new short sale timelines to evaluate servicers compliance with their Servicing Alignment Initiative, it was reported.
While this may be just for Fannie Mae and Freddie Mac loans at this time, expect to see this spread out to other large banks, who even if not formally compelled, will feel the pressure to keep up.
If you are facing a hardship in your home, or other property, don’t let the foreclosure happen. Given a call or email and let’s put together a short sale plan for your home!
The Mirrormont neighborhood in Issaquah WA is turning 50 this year! Started in 1962, this tucked away area on Issaquah’s south side is known for it’s trees, large lots and unique homes. There are a couple families still living in Mirrormont who remember the sound of the bulldozers back in the 60’s beginning to carve the roads into the hillside. Mirrormont also sits right in front of the boundaries for the Tiger Mountain State Forest, which back in the early 1900’s, was known for it’s coal mining and logging. Today, you can walk from Mirrormont and see the signs of those early uses which still exist in the woods and trails throughout the 13,000 acre plus Tiger Mountain State Forest. A committee
has been formed to help the neighborhood celebrate it’s birthday, so look for articles and other information about the upcoming party to continue to be posted!
Kellie Batali's Real Estate Blog 