TRUTH OR CONSEQUENCES!
It’s more difficult than ever to realistically and successfully price your home for sale.Â Many economic factors affect your pricing decision.Â Agents present you with the facts, but the final determination of asking price is yours and yours alone.Â So contact a representative and familiarize yourself with the following criteria.
There are more homes for sale now than in the past.Â Larger inventories exist mainly due to the fact that many sellers waited to list, trying to catch the top of the market.Â Now they’re trying to sell before it bottoms out.
While still historically low, mortgage rates are creeping up.Â Every rate increase disqualifies a segment of buyers for financing, negatively impacting your selling ability.
Besides higher interest rates, buyers are subject to stricter loan application requirements.Â Again, the higher downpayments and credit scores needed for financing eliminate many applicants from your pool of prospective buyers.
Are there homes in your neighborhood that investors couldn’t “flip”?Â Then they are either vacant or listed below market value by owners who would rather take the loss than become landlords.Â Either way, these homes and foreclosed properties adversely affect property values of others in your community.
This is reality.Â Expect your agent to be completely honest with you about it, and learn that trust, reason and determination will create a sale, even in a down market.
Bennington VT, Buying, Selling