Chicago Lender Gene Mundt echoes what real estate agents around the country are saying to potential sellers. A year ago we were encouraging buyers to get off the fence, and they were reluctanct to do so. They're out in force now, but the inventory isn't there and they are getting frustrated when losing out due to multiple offers.
Sellers may face the same dilemna if they are wait and wait. If everyone does that, we will have an abundance of inventory and the buyer pool may not be what it is now. Read on.....
Decide Which Size Fish You Want to Be"It is better to be a big fishin a small pond, than to be asmall fish in a big pond "The Galveston Daily News, June 1881It was reported recently by the National Association of REALTORS (NAR) that "median existing single-family home prices are rising in more metropolitan areas, but a lack of inventory - notably in lower price ranges - is limiting buyer choice in an increasing number of markets around the country". ()They have evidence of rising home prices too. Prices rose in 110 out of 147 metro areas. And another statistic of interest that configures into the overall picture on current market status is this ... Distressed homes (foreclosures and short sales) accounted for 26% of recent sales. That percentage being down from 33% a year ago.Many other news and housing data sources report much of the same. Housing inventory is down in many markets. Selection is suffering. Look at these examples:
- HousingWire - 8-10-2012
- Calculated Risk - Finance & Economics
- Yahoo News
- And ActiveRain regarding a portion of Chicagoland's market.And while inventory definitely influences purchases and housing prices, other things, such as Buyers' ability to purchase, also are playing a big part. Recent indications show that current home buyers are now proving ample income and can meet down payment requirements when seeking financing for their new home purchases. Don't forget too, interest rates are at historic lows, and monthly payments on home purchases remain favorable to home buying.So ... what should all these reports and facts mean to someone thinking about SELLING their home?It means, if you're contemplating a sale, NOW might be the time to act. It means, that the old adage shown above ... "It is better to be a big fish in a small pond, than to be a small fish in a big pond" ... could definitely work in your favor as you list and sell your home.How?? As I see it, it boils down to this: Choices. Which size ... and what kind ... of home-selling fish do you want to be?
- Do you want your home to stand-out? Create curb appeal.
- Do you want potential Buyers to imagine themselves living in your home? Make any needed repairs. De-clutter, clean, and stage your home well. Modernize. Make it appealing.
- Do you want Buyers that fall in love with your home .. and then act decisively, and respond quickly with an offer? Price your home realistically.
- Do you want to be the best and most desirable home in your area's "pond"? Act now to take advantage of current low inventory levels. Contact an agent today.I can tell you, as a Mortgage Lender, what I'm hearing backs-up the stats and news articles currently being reported above. I'm hearing complaints about home inventory and property choices all the time, from both home buyers and agents alike. Good condition, well-priced homes are scarce.But I'm also hearing ... Good condition, well-priced homes get attention. Good condition, well-priced homes sell quickly. And I know for a fact that ... Good condition, well-priced homes arrive at their new Buyer's Closings successfully. They appraise out. Underwriters find fewer issues to raise."Good condition, well-priced". Does that describe your home? It can, if you prepare properly for your sale. It can, if you listen to and follow the experienced advice of your real estate professional.Now is the right time to list and sell your home. Recent NAR reports and statistics back that decision up. So do others. They also prove the wisdom of the old saying, "It is better to be a big fish in a small pond, than to be a small fish in a big pond."You as the home seller just need to wisely ... "Decide which size fish you want to be" ...* Hoping to become a successful home seller in Will County, Chicagoland, or elsewhere across our nation? In need of a referral for an experienced, successful real estate agent to help you sell your home? today. I'll be happy to refer you to the best in the business.I can be found at any of the following:Cell/Text: 708.921.6331Email: genemundtSkype: 630.219.1316Mobile: m.genemundt.com