With 25 years in real estate I have experienced this type of market before. These are my tips to help you navigate this market, whether you are selling your home or buying one:   

If you’re a seller:

·         Set a realistic and reasonable price that reflects the 2008 market conditions.

 ·         Do not cling to last years’ prices.

·         Be flexible and open to negotiating price and terms with a buyer.

 ·         Present your home in pristine condition! If it’s vacant - furnish it. Install new carpet, paint, and make cosmetic improvements wherever possible.

·         Examine your price, buyer feedback and competition every 30 days .

·         Adjust your market position early if there is no buyer interest.

 ·         Work with the smartest, most experienced agent in your market place – it’ll cost you the same!   

If you are a buyer:  

·         Buy a home with a plan to own and/or rent it for at least 5-7 years.

·         Research financing options with a lender before entering the market.

·         Buy and borrow only what you can afford.

·         Bargain with sellers on price, terms and repairs.

·         Work with an experienced and knowledgeable agent who can guide you through the process, show you the best values, and negotiate the best terms for you.

·         It’s a buyers market – don’t miss it!

Share This