Real estate slowdown

Most of the country is currently experiencing some form of a slow down or challenging real estate market. Central Florida is no different. How can you avoid getting adversely affected by the current market situation? The following are a few tips for buyers and sellers that will help them reach their goals regardless of market conditions.

Buyers

• Search for the best interest rates available. Rates are still low and lenders are hungry to make loans. Compare rates and closing costs to find the best deal.
• When comparing homes ask how long the home has been for sale, if the seller is offering any concessions to buyers or commission incentives to the cooperating Realtors. Knowing these facts could help you save several thousands of dollars.
• Make sure to inspect any home you are buying ‘as is’. With so many homes to choose from, a buyer can be picky about conditioning and should hold the seller accountable for repairs or be free to cancel the contract should undisclosed condition problems be discovered.
• Make sure you know which way the market is heading. Ask to see a list of comparable sold properties in the area in which you are considering purchasing a home. If the area appears to be dropping quickly, it may be wise to hold off pulling the trigger until you are comfortable that the bottom has been reached.

Sellers

• Price it right to begin with. Over pricing or testing the market will will lose you buyers and could ultimately cause you to sell for much less than you anticipated.
• Stage it and clean it. You have a lot of competition, more than ever before. Now is not the time to leave beds unmade, floors not swept, painting ignored or leaky faucets, leaking. Now is not the time to think your two pack of cigarette smoking a day in the house is not turning off buyers. You may get one chance to impress before the buyer moves on, put forth your best impression.
• Don’t sell your home. You can avoid selling for much less than the market will allow by simply waiting. If you do not have to move and cannot sell your home for what appears to be the correct price now, then wait. Tell your agent to call you when the market favors your expected pricing, but for now you will be sitting it out.

This market will continue to improve in the months to come. For some it simply is not the right time to buy or sell. For others, this market can still offer great deals for buyers and sellers. As long as a buyer wants to buy and a seller wants to sell, and both approach their desires with the right information, it can be a win-win.