The market is traditionally at it's least productive quarter number 4. With the uncertainty in the credit markets and in the financial sector buyers are currently pausing. That is not to say no one is buying as there are still sales happening. As evidenced from the market reports, sales volume has declined. Buyers for the most part are trying to get some certainty as to where the market and pricing are heading before committing to purchase decisions. The presidential election looms on the horizon making this quarter sluggish and mortgages are requiring more money down for non conforming loans.
What to do if you have to sell now?
1) Price effectively and use the fact that you are not paying the 6% brokerage fee to create a deal state within the buyers as they look at your property. (remember you'll still net more money than a broker aided sale.)
2) Speak to a mortgage broker to understand what a buyer needs to finance a purchase on your home so you can qualify buyers and also guide them (ease their uncertainty about mortgages) on what type of financing is available for your home.
3) Be prepared with all the information about your home, neighborhood and financing.
Tuesday, October 14, 2008
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