Sunday, October 15, 2006

Giving It Away? I Don't Think So.

With all the talk about a declining market and a glut of inventory it's a wonder that some homeowners simply haven't gotten the message. Sitting defiantly at prices well above the average and hoping for a miracle, they spend many months, sometimes longer in a market that is passing them by. There is nothing more important than straight talk when taking a listing or explaining to sellers why their property is not getting the attention they think it should. It's not magic. There are two places to be when prices are coming down, at or below recent sales to generate a lot of interest and to sell in a timely fashion or above them playing catch-up, which is tantamount to chasing a snowball down a hill. You can't run fast enough.

Buyers are not plentiful. You no longer have the luxury of sitting back and waiting for the one person who might recognize the intrinsic value in your home. Buyers are out there doing their homework. They're using sites like Zillow and PropertyShark to put them on a level playing field. Though Zillow's numbers are way off in many areas, buyers believe them because they see it in print.

With inventory presenting buyers lots of options, if you have one interested in your home, you would be wise to take them seriously. The days of bidding wars are over and if you think you're giving your house away this year, just wait for 2007. You might find yourself pining for the one that got away.

Author: Geri Sonkin


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