| For months now, the doomsayers have been | | | | for what price they can sell it. They |
| forecasting a burst in the real estate | | | | cannot look at the "paper" equity that |
| bubble. The burst has yet to happen. | | | | was created by the bubble you cannot |
| According to data released during the | | | | lose money that was never real! The |
| first week of October, the median | | | | only money lost is in "theory," based on |
| existing homes for sale price fell in | | | | what an earlier, unrealistic market said |
| August by 1.7 percent, a first in over | | | | for what you could sell your property. |
| ten years of year-to-year pricing. The | | | | The only "real" money that would be lost |
| number of homes for sale has jumped to | | | | would be if you had to sell a home for |
| 3.9 million, which is the highest | | | | less than you paid, and the homes for |
| inventory level since 1993. | | | | sale market is not at that point and |
| The bubble for homes for sale still | | | | hopefully never will be. |
| exists; however, because jobs, income | | | | The second most important selling |
| and interest rates are still in great | | | | technique for homes for sale is to |
| shape. This means that forecasts are | | | | market it correctly and make it stand |
| still excellent for this year, which is | | | | out amongst all the other homes for |
| expected to be the third best year in | | | | sale. Preparation before putting your |
| history for home sales. | | | | home on the market will make a |
| That does not mean that sales figures | | | | difference. Have it inspected beforehand |
| are as good as last year at this time, | | | | and repair, renovate and replace any |
| when the bubble made homes for sale | | | | defective items in the interior and |
| pricing unrealistically high. With | | | | exterior of the home, as well as |
| prices coming down and homes for sale | | | | landscaping problems. Stage your home |
| inventories rising, the real estate | | | | for showing fresh paint, fewer |
| market is moving toward a buyer's market | | | | furniture pieces attractively positioned |
| but we still are a long way from there | | | | to make rooms appear larger (put your |
| at this time. | | | | extra pieces in storage), adding small |
| The current homes for sale market means | | | | decorative accents of color to pull the |
| that buyers can take longer to make | | | | viewer's eye to unique features within |
| buying decisions, which keeps many homes | | | | the rooms, and so on. Some realtors can |
| for sale on the market longer. There is | | | | assist owners of homes for sale with |
| more competition for owners of homes for | | | | "buy-down" mortgage products to add more |
| sale, requiring different selling | | | | buying appeal to the property without |
| techniques. | | | | having to lower the sale price. |
| The most important thing is to | | | | In this current market, the owners of |
| accurately price homes for sale. Too | | | | homes for sale with the edge are those |
| high, and they will remain on the market | | | | who take the extra time and effort |
| too long. Sellers must be realistic. | | | | before putting their homes on the |
| Homes for sale owners must begin to look | | | | market, along with a realistic selling |
| at the "real" price of their home, based | | | | price. |
| on what they actually paid for it and | | | | |