November 17th, 2008 9:01 AM by Lehel Szucs
The market for homeowners looking to sell
Despite declining home values, the market is still providing opportunities to sellers. In September, the median number of days it took to sell a single-family home was 46.1 days, compared with 56.7 days for the same period a year ago. By following a few guidelines sellers can be successful in selling their home.
MAKING SENSE OF THE STORY
· Accurate pricing continues to be a key factor in selling a home, especially in today’s market. The median home price is expected to decline 31.7 in 2008 in California, according to C.A.R.’s 2009 Housing Market Forecast.
· Pre-housing boom, many homes did not require a lot of marketing. Some homes could be listed on an MLS and sell within days. Today’s market is rapidly changing and the majority of homes for sale require more marketing than in previous cycles. Some sales agents are offering traditional marketing plans such as creating flyers, while others are opting for more elaborate options including catered lunches during an open house for brokers and potential buyers. · Some economists believe that President-elect Barack Obama will aggressively work to restore the nation’s housing market. Proposals from his administration are likely to include tax credits for first-time home buyers, more loan modification programs, and reductions in down payments for loans owned or guaranteed by Fannie Mae and Freddie Mac. These proposed changed would enable more home buyers to purchase houses and help reduce the inventory of homes on the market. · The current market and declining home prices are enabling many home buyers to move up by purchasing homes that previously would have been out of their price range. Some sellers, especially those who are seeking move-up opportunities, are accepting lower offers on their current home due to the reduced amount they are spending on their new home.
To read the full story, please click here:http://www.sfgate.com/cgi-bin/article.cgi?f=/c/a/2008/11/09/REFR13VJHL.DTL&type=realestate