Time for Sellers to come to terms with the reality of Realty.
Normally, with Super Bowl Sunday behind us, we kickoff the beginning of the spring market in CT. Weather plays a factor to be sure, but early birds hoping to get a head start begin to browse the open houses and start kicking a few tires.
Seller’s that are too aggressive with prices will find that their home will lack activity. Forget what you could have gotten for your home two years ago. Living in that fantasy will only delay your sale. Focus on ways to attract buyers, and try making your home a better alternative than the one down the street.
A good real estate agent will help you price it right, stage it, and find potential qualified buyers. Negotiating with today’s picky buyers will not be as easy as it was two years ago, so plan on leaving some room to negotiate.
If you are buying another property, remember that the potential “loss in equity” on your home may be able to be made up on the purchase side of your next transaction.
If your in a real bind, talk to a real estate attorney about “short sales” and at least learn what your options are. Pretending that things will be ok without coming up with a game plan is a recipe for disaster.
If inventory continues to build, it becomes increasingly difficult to compete with bank and distressed property sales. Areas like Florida have 44 months of “supply” available. For now, CT is weathering the storm, but who knows where this market is headed.
Stay tuned as we look for some sunshine behind the clouds.