Existing Home Sales, Helpful Tips, Real Estate

Home Sellers – Feeling Lucky With Your Real Estate Sale?

August 24, 2010 by · 2 Comments 

In case you missed this morning’s headline, Existing Home Sales Swan Dive. That’s right. Sales of existing home sales plummeted 27.2 percent in July. Furthermore, the National Association of Realtors stated that July’s existing home sales is the lowest reading since NAR has been keeping track.

It should also be noted that total housing inventory increased by 2.5 percent in July. It will now take up to 12.5 months to sell the existing homes inventory.

What does this mean for home sellers?

If you’re a home seller, there’s no more time to waste on hoping for a buyer to come along and pay you what you think your home is worth. It’s time for home sellers to get serious and figure out what is their liquidation home sale price.

What are the odds that home sellers will actually sell their homes?

Every real estate market is different, but the growing consensus is the same. Successful real estate transactions are becoming more difficult by the day whether it is due to inflexible home sellers, home buyers remorse, unflattering home inspections and/or below market value home appraisals.

Other mind numbing real estate headlines for home sellers to think about.

If home sales is a game of numbers, wouldn’t you want to be on the side with the highest probability of success. Understanding the dynamics of the real estate market is one aspect that your real estate professional must grasp. Working with a local real estate professional who can provide clarity is a must.

Otherwise, if you’re feeling lucky your best bet for your home sale may come down to the flip of a coin.

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James K Barath, CMPS®

James K Barath is a Certified Mortgage Planning Specialist®, Certified FICO® Professional, Certified Military Housing Specialist® and your FHA Home Loan Expert. He is also a graduate of Purdue University, The CMPS Institute, Dale Carnegie Human Relations Course & Napoleon Hill Foundation's PMA Science of Success Class. It's your home and your future. It's his profession and his passion. He is ready to work for your best interest. Contact James for your FREE Home Loan Approval !  His Motto: I Facilitate the American Dream Through Responsible Mortgage Lending and Financial Literacy!

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Comments

2 Responses to “Home Sellers – Feeling Lucky With Your Real Estate Sale?”
  1. At least with a coin a seller would have a 50-50 chance. People selling in as-is condition, with lots of “deferred maintenance” and decorating issues will give it up at even bigger discounts…or have even higher odds than just 50-50.
    The big SHIFT that Gary Keller wrote about is still trending down before it will someday turn up again. The folks who see an upturn just around the corner will need to wait a little longer, maybe years longer with so much shadow inventory yet to be sold.

  2. Steve – Sounds like home sellers still have some hurdles to overcome in the immediate future. If there are two sides of coin, what’s the real estate news for home buyers in Portage Indiana?

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