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Selling your home in Columbus…the third time is a charm.
March 27th, 2008 categories: Columbus, Real Estate News
We have all heard that the housing market is tough right now. If for any reason you have not heard this, you should climb out from whatever rock you have been hiding under.
It is true, inventory and average days on market are up, prices are down and the mortgage industry is seeing some long overdue restructuring which is making it tougher for Buyers to obtain financing.
According to the Columbus Board of Realtors, there were 1459 homes sold in Columbus in February which was a 5.8% decline from the same month in 2007. The encouraging news is 1689 homes went under contract in February, up 5.6% from the previous February. The bottom line is that homes are still selling, though it is more critical than ever they be properly prepared for the market and priced appropriately.
If you are currently selling your home or considering a sale, you should know a successful sale will require you to sell your home 3 times. You must “sell” your home to:
- The Buyer
- The Inspector
- The Appraiser
The Buyer
Buyers today have the luxury of choosing between lots of homes. This can be a good thing, but can also lead to indecision and tends to focus Buyers on getting a “deal”. To combat this, be sure your home is in top condition and priced aggressively. Elevate yourself above the clutter of the current market and make it easy for a Buyer to say “yes” to your home.
The Inspector
The Home Inspector is hired by the Buyer to evaluate a home’s condition and to assess the need for future repairs and maintenance. Do not discount the power a Home Inspector holds in affecting a Buyer’s decision to move forward with a home purchase. If you have deferred maintenance, address the issues prior to listing your home. Having a transaction foiled by by poor inspection results can cost you time and money and is largely avoidable by addressing known issues up front.
The Appraiser
The Appraiser is hired by the lender to establish the value of a property. This is done to ensure the bank does not lend more money than the home is worth. With current market conditions and a decline in prices, I would anticipate Appraisals becoming more of a challenge. Historically, if the home was priced within reason in comparison to the recent market, the appraisal process was smooth. Given the recent woes in the mortgage industry one can assume lenders will be more and more cautious about lending. New standards are already in the works to ensure the integrity of the appraisal process.
In closing, do not let this post or the media banter keep you from selling your home. Just be realistic about your expectations, the time it may take to sell and the amount you may settle on. Check out What is your Home worth in today’s market? and What to do if you really want to sell your home for more information and contact us if you have questions or need assistance.
