Massachusetts Real Estate

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Selling Your Home in A Buyer's Market

There are many who have thought about selling their home but have not due to the decline in market values over the last few years. This is understandable UNLESS you are going to be buying another home under the same market conditions!

Sure market values have dipped quite a bit here in Metrowest Massachusetts. The value of homes in many towns has dropped by 20% or more since the peak in 2005. The $600,000 home you bought in 2005 may now have a value around $500,000. The point is if your are staying local it does not really matter. Why? Simple... you will be buying under the same market forces that you did while selling your home.

Here is a simple example. You bought your home for $600,000 and using a round figure of 20% it has dropped in value to $480,000. You have lost $120,000...ouch! Not really because if you are moving up in the market what used to be an $800,000 home is now worth $640,000.

If values had remained flat you would be going from a home valued at $600,000 up to a home worth $800,000. A difference of $200,000. In the present buyers market scenario the difference is $480,000 to $640,000 or a spread of $180,000. If you are moving up you saved yourself $20,000.

What if you are moving down? Lets turn the example around. You owned an $800,000 home that is now worth $640,000. It is too large for your needs and has become expensive to heat, maintain and pay taxes on. You desire something more manageable. Well guess what the house that you planned on buying three years ago for $600,000 is now only going to cost you $480,000. So what has happened is you have lost $40,000 in buying power. A 20% loss on 800k = $160,000. A 20% loss on $600,000 = $120,000. $160,000 - $120,000 = $40,000

So moving down isn't ideal but a loss of $40,000 is certainly much different than taking a paper loss of $160,000 especially if it is going to make your payments and cost to maintain the home much more reasonable.

When a client asks my advice this is the kind of information I ask them to look at when considering what is the best move for them. You would run this same kind of analysis if you were going to relocate to another area where the values of homes could be a lot different.

The X factor as of this writing is the historically low interest rates. This is a compelling reason to make a move now before they move up at some point.

If you come to the conclusion that selling your home is the right move there are three very important keys to success you need to pay attention to in a challenging Real Estate market.

 

Pricing your home properly                                                                                                                 

This is the single most important thing you can do to ensure you achieve your goal in a timely fashion. Your Realtor should be going over in detail the most recent comparable properties that have sold. The sales date becomes extremely important when the market is still in a downward slope. Pay close attention to when the sale took place. A home that sold even a few months ago may not sell for the same amount of money today.

It is always best to use the most recent sales. When none are available a good Real Estate agent should be able to factor in an appropriate price adjustment based upon the difference in time when the comparable property sold.

Be careful to be realistic when you are looking at the data. Sellers are notorious for viewing their homes differently because of emotional attachment. Look at your home through the eyes of a buyer.

The fact that you used heavy duty nails on the deck you built is not going to bring you $5000 more than the neighbors similar home down the Street.

 

Picking a good Realtor                                                                                                                      

 

When the market was booming and all you had to do was put a sign in the yard and add the home to MLS, picking a good Realtor was less critical. Not so in today's Real Estate environment where there are far few buyers in the market.

One of the critical components to picking a Realtor should be their ability to create a wide net to attract buyers. Over 85% of all buyers today find their home from an online search. You want an agent that can give you a dominant online presence. Your home should be displayed on all the sites that garner the highest amount of Real Estate traffic.

Some of the better Realtors will be using blogging and video as a means of creating interest. Search engines love blogs because they are not "static". A blog can be updated with fresh content daily if desired. Video not only enhances the presentation of your home but it can usually be found very easily online.

You should be looking for a Realtor that not only has a website but one that can be found in the search engines for terms specific to Real Estate in your market.

A good method of checking on the agents marketing skills is to "Google" their name. There should be pages and pages of results with an agent that knows how to market your home well online. If you don't see much I would really start to question the agents ability to attract the most buyers.

The premise is this: If an agent does not know how to market themselves how could you possibly expect them to do a good job marketing your home?

Marketing of course is very important but you should also look at the agents track record. References, market share, and an agents list price to sale price ratio are all worth consideration. Here are some excellent questions to ask Realtors you are interviewing.

Be careful of the agent who tries to "buy" your listing with an over inflated list price. What you will be stuck with is a Realtor with poor skills and a home that doesn't have a prayer of selling. This is why the agents list price to sale price ratio becomes important. It should also be pointed out that the ratio should be from the original list price.

 

Make your home presentable

 

Is staging your home with a staging company a must? I do not believe it is. Does it help you sell your home in a timely fashion? Absolutely! At the very minimum you should make sure your home is presentable. It should be neat and tidy. Having a clean and organized home that is visually appealing is important. There should be no ungodly smells present.

Getting rid of clutter and organizing closets are usually activities that will help generate a sale. Curb appeal is also important. Your yard and landscaping should be well maintained. Walk ways should be kept clear and your entry way should be spotless. 1st impressions go a long way in selling a home.

These are the basics. A professional staging company can really make your home stand out in a good way.

 

In the article top ten mistakes to avoid when selling your Massachusetts home there are seven other pitfalls to watch out for as well. Also never settle for Realtors that like to push Real Estate gimmicks like saying they will sell your home in 70 days or buy it themselves. See sold in 70 days.

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The above information on selling your home in a buyers market was provided by BillRE/MAX Executive Realty Hopkinton Gassett, the team leader for the #4 RE/MAX Team in Massachusetts in 2007. Bill can be reached via email at billgassett@remaxexec.com or by phone at 508-435-5356. Bill has helped people move in and out of many Metrowest towns for the last 22+ Years. Bill's office is conveniently located in the center of Hopkinton MA at 77 Main Street.

I have a passion for Real Estate and love to share my marketing expertise! I would welcome the opportunity to earn your business.

For Metrowest Massachusetts Real Estate and homes see Metrowest Mass Real Estate. Want to have MLS access to beat other buyers to your dream home? Sign up with no obligation at my MLS Property Finder Site.

I service the following towns in Metrowest Massachusetts: Hopkinton, Milford, Upton, Southboro, Westboro, Ashland, Holliston, Mendon, Hopedale, Medway, Grafton, Northbridge, Uxbridge, Franklin, Douglas, and Framingham MA.

Click here to view Bill Gassett's Real Estate profile.

 

 

 

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Bill Gassett is a thirty-two year veteran to the real estate industry. He enjoys providing helpful information to buyers, sellers and fellow real estate agents to make sound decisions. His work has been featured on RIS Media, National Association of Realtors, Inman News, Placester, RESAAS, Credit Sesame and others.

Comment balloon 90 commentsBill Gassett • December 08 2008 10:41AM

Comments

Bill-

That was a great post, well thought out, planned and executed.  Thats the type of post that needs to get in front of as many of your prospective customers and clients as possible.  The information was relevant and was easy to go from section to section.

Posted by Morgan Evans, LICENSED REAL ESTATE SALESPERSON (Douglas Elliman Real Estate) almost 11 years ago

Morgan - Thanks for the compliments on selling your home in a buyers market. There are lots of folks who get so caught up in the fact that they have lost some equity in their home that lose site of the fact that if they are going to buy in the same market it does not make much difference.

Posted by Bill Gassett, Metrowest Massachusetts Real Estate (RE/MAX Executive Realty) almost 11 years ago

Bill, Excellent post and should be something all potential sellers are made aware of. In fact, I am going to reblog it, unless you have an objection to that, The same information applies just about everywhere in this market.

Posted by Karen Hurst, Rhode Island Waterfront! (RICOASTALLIVING.COM) almost 11 years ago

Karen - Thanks I am glad you like the post and you are right this applies anywhere Real Estate is sold. Go right ahead and re-blog it.

Posted by Bill Gassett, Metrowest Massachusetts Real Estate (RE/MAX Executive Realty) almost 11 years ago

Bill,

I think I just might reblog this one!

Posted by Marlene Pellegrini almost 11 years ago

Bill - really well done post. The explanation of sellling and then buying in the market is easy to understand, but something which many folks forget about. Sellers also need ot understand that when they are buying in this market they, in turn, are dealing with sellers like themselves who are bemoaning the fact that their home is worth less. The recommendations to sellers are spot on.

Jeff

Posted by Jeff Dowler, CRS, The Southern California Relocation Dude (Solutions Real Estate ) almost 11 years ago

Marlene - I have left the reblog feature for this one turned on so be my guest. I am glad you like the post.

Posted by Bill Gassett, Metrowest Massachusetts Real Estate (RE/MAX Executive Realty) almost 11 years ago

Jeff - Thanks Sellers lose sight of the fact that unless they are going to rent or headed to a market that is booming they will be taking advantage of the same market forces when they turn around and buy their next home.

Posted by Bill Gassett, Metrowest Massachusetts Real Estate (RE/MAX Executive Realty) almost 11 years ago

Bill - I flagged this for a feature and will likely reblog it.  The concept of making a profit by trading-up even if you don't make as much (or lose) money on you current house is hard for many to grasp.  As long as the you have the cash to handle it, this is a great time to trade up.  In my area, the higher-priced homes are seeing a higher percentage decrease, so the benefits are even better.

Posted by Erik Hitzelberger, Louisville - Middletown Real Estate (RE/MAX Alliance - Louisville REALTOR-Luxury Homes) almost 11 years ago

Erik - Good point. There are certain price points that may not see the same reduction across the board. If you are in one of them it is even a more compelling reason not to worry about a loss in equity that you will make up in the long run.

Posted by Bill Gassett, Metrowest Massachusetts Real Estate (RE/MAX Executive Realty) almost 11 years ago

Another great post - there is a reason that I subscribe and read this blog.  Very good advice on how to sell your home in today's market.

Posted by Ryan Shaughnessy, Broker/Attorney - Your Lafayette Square Real Estate Partner (PREA Signature Realty - www.preasignaturerealty.com) almost 11 years ago

Ryan - Thanks. I appreciate your compliments on selling your home in a buyers market.

Posted by Bill Gassett, Metrowest Massachusetts Real Estate (RE/MAX Executive Realty) almost 11 years ago

Bill you make some great points in this post.  I especially like the first part about people that are moving out are still getting a good deal.  If you present it to people like that, I am sure they all see the logic.  I think that most people are so wrapped up in the paper loss that they dont look at the fact that they will get a better deal on the new house.  Great post... I will be subscribing to your blog!

Posted by Jason Fleming (Jason Fleming Agency INC) almost 11 years ago

Jason - Thanks. Sometimes logic gets thrown out the window. We are in a great environment right now for the purchase of a home. Interest rates are nearing historic lows.

Posted by Bill Gassett, Metrowest Massachusetts Real Estate (RE/MAX Executive Realty) almost 11 years ago

Bill  This is an excellent post with easy to understand examples.  I hope that when customers google for a Realtor in your area, they will find you!  The advice you give here is priceless!

Posted by Joan Whitebook, Consumer Focused Real Estate Services (BHG The Masiello Group) almost 11 years ago

Those are great tips on selling in this, or any other type of market.  I also appreciate your positive attitude.

Posted by Erika Rogers, St George Utah Real Estate & Relocation Specialist (Red Rock Real Estate ~ Southern Utah's Largest Independent Brokerage) almost 11 years ago

Bill - Great points!  This is information we can use.  Thank you for posting your article.

Posted by Jon Wnoroski, Summit County Realtor (America's 1st Choice RH Realty Co., Inc.) almost 11 years ago

Bill

I love the math you used to help mtivate the potential sellers...also very helpful seller recomendations to help expediate the offer process...Great work and congrats on the feature

Posted by Tim Ludemann almost 11 years ago

Fantastic advice for the seller!  Great Job!

Posted by David Slavin, CDPE, ABR, SRES Keller Williams Premier (Keller Williams Premier) almost 11 years ago

Bill- Well thought out and written post.  I especially like how you explained the scenario for people who may be downsizing.

Posted by Matt Moxhay, Moorestown Real Estate (Prudential Fox & Roach) almost 11 years ago

Bill, a well-deserved feature on this one.  Excellent advice to sellers in today's market.  Thanks for the well-written post.

Posted by Brian Block, Northern Virginia & D.C. Real Estate (RE/MAX Allegiance, Managing Broker/Branch Vice President) almost 11 years ago

Joan - One of my specialties in online marketing and making my clients have a dominant online position:)

Erika, John, Tim, Dave, and Brian - Thanks for your compliments about selling your home in a buyer's market.

Posted by Bill Gassett, Metrowest Massachusetts Real Estate (RE/MAX Executive Realty) almost 11 years ago

Good post Bill.  I tell customer/clients who want to sell their existing home and buy another the same thing this way.  We all want to buy low and sell high.  That makes sense except not at the same time.  So while you'll have to sell low right now, you will also be able to buy low, so let's get started.

Posted by Marian Goetzinger, Crystal Coast Real Estate NC (Pine Knoll Shores Realty 252-422-9000) almost 11 years ago

Lots of good information here for sellers.  Very comprehensive post.  Pricing seems to be the biggest challenge right now.

Posted by Anonymous almost 11 years ago

Bill, I don't live in MA but did read your blog.  The more information; the better.  Great point to make to potential  and timid buyers.  My husband and I went through similar thoughts when we were in Houston in 1987.  The housing market was at a low and he suggested we sell our house .  I thought he was nuts, but his explanation made a lot of sense.  Even if we had to take a "paper" loss, it would also mean we could move "up" into a neighborhood that previously was beyond our price range. 

Good luck and keep up the good blogs. 

PS I am a Stager and agree, not evey home needs the services of a professional Stager but it is a small investment to make in ensuring your home stands out from the rest. 

Posted by Kathy Streib, Room Service Home Staging almost 11 years ago

Kathy - Thanks for your sharing your experience with selling your home and then moving up in the market. It really does make a lot of sense if you are moving up, especially with interest rates being so attractive. When the market eventually does start to turn around and make it's way back up those that have jumped in and bought will really reap the benefits.

BTW - I am a fan of staging and there are some homes that really can benefit greatly by seeking the assistance of a professional stager. Good luck with your business.

Posted by Bill Gassett, Metrowest Massachusetts Real Estate (RE/MAX Executive Realty) almost 11 years ago

Congrats on the feature.  It took our market a while to turn but we are now facing a buyers market also.  Great tips for anyone needed to sell!

 

Posted by Tracy Santrock, Raleigh - Cary Realtor/Broker In Charge (Fonville Morisey/Santrock Realty Group, Inc. ) almost 11 years ago

Bill,

When I bought another home in 2005 I paid the highest price...but I wouldn't have been able to sell my other home at the highest price so either way it worked out that now my home isn't worth what I paid but I had enough equity in it that it still has some equity. Same thing goes for people who sell for less...then they can pay for less if they find the right priced home. The problem right now is chasing the market...by the time you get a contract the value has decreased causing a possible review of the appraisal at the last minute.

Posted by Neal Bloom, Realtor CRS-Weston FL Real Estate (Brokered by eXp Realty LLC) almost 11 years ago

Bill, this is an awesome post and I like others would like to reblog. There is some good stuff in there and it is very well thought out and written. I have printed it for my husband to read being a Real Estate Attorney and watching the market since we have a couple spec homes and that's another story. Ha. I have subscribed to your blog and hope you write more of them. With the market being like it is this is real good info.  I'm in West Voirginia and we've been blessed here the market isn't as bad as it is in other polaces. Keep writing posts.

Posted by Anonymous almost 11 years ago

Great summary that every seller should read.  Good concise points in all areas and well balanced.  Another great reference.  Thanks

Posted by David Henke, Realtor, Homes Just West of Philadelphia PA (Long & Foster Real Estate, Inc) almost 11 years ago

This is a great post.  It's so important to address selling a home in a buyers market or buying a home in a buyers market for that matter.  Just a couple months ago, we did a feature page for both on our website.  Great info Bill - You're the expert!

Amber

Posted by Jason & Amber Gardner, We're Committed to Your Success! (Hasson Company, Realtors) almost 11 years ago

Bill -

Great post. Way to keep it positive! We all need these points in this market. Well deserved Feature Post. Bob H

Posted by Robert and Lisa Hammerstein -201-315-8618, Bergen County NJ Real Estate (Keller Williams Valley Realty) almost 11 years ago

Bill, this post was very deserving that gold star. The math was great, and also pointing out about the heavy duty nails. Soooo true!  I've told sellers before when they said they spent money on upgrading their carpet or tile, "well, I hope you have enjoyed it because that's what it's worth". 

Sellers need to be better educated on the process and I think you've done that very well!

Posted by Linda Scanlan (A Consumer's View) almost 11 years ago

Great job Bill.....

Posted by Anonymous almost 11 years ago

Couldn't have said it better myself... re-blogged and tacked on a comment about how this information is useful in my local market as well. Great post... thanks!

Posted by Liz Toles, Lethbridge Real Estate (MyLethbridgeRealty.com) almost 11 years ago

I actually use to try to explain the concept that if you want to buy up, this is a great time to list your house beacuse even though your current home lost value,  so havethe values in other neighborhoods (an so on, as you explained) but, for what ever reason, negative feedback, people were not understanding the concept, I seemed to have pushed this brilliant (wink) concept to the back of my brilliant (wink) mind! Yikes..what was I thinking! How can sellers not get this concept!

Thanks for the reminder that my job as Realtor is to help sellers realize they can sell their home in this not so desirable buyers market and still get what they want!

The pricing, picking a good Realtor, presentation all also very important factors in selling a home as well.

P.S. Sorry for the rambling comment. I just finished my afternoon java....

 

Posted by Terrie Leighton, Reno Real Estate Agent ~ Selling Homes in Reno (Ferrari-Lund Real Estate ) almost 11 years ago

Bill...

This is amazing Blogging. I almost finished reading it then my mind wandered off and I found myself thinking how I should be Buying Real Estate right now :)

TLW...ROAR!

Posted by "The Lovely Wife" (Broker Bryantnulls Wife) The One And Only TLW. (President-Tutas Towne Realty, Inc.) almost 11 years ago

Bill - This is such a superb post and well deserved feature!  You've covered all the critical points in great detail when you're Selling Your Home in A Buyer's Market. There is no doubt that you have the market expertise to get the job done!

Posted by Julie Dumaine-Russell (RE/MAX Alliance) almost 11 years ago

Nice blog.  Its hard to get sellers to "get it".

Posted by Ray Cox (ERA Brokers Consolidated) almost 11 years ago

Hi Bill, excellent advice, the sellers who do all your points sell. Those that listen to professional advice and don't think they know more than the Realtor, sell.

Posted by Missy Caulk, Savvy Realtor - Ann Arbor Real Estate (Missy Caulk TEAM) almost 11 years ago

Nice post - I of course think that almost all homes should be professionally staged or at the minimum have a staging consultation and then follow it.

Posted by Kathleen Lordbock, Keller Williams Realty Professionals (Keller Williams Realty Professionals) almost 11 years ago

Hi Bill,

Excellent advice for those considering selling in a buyers market, I really like how you break it all down! :)

Posted by Suzanne Sands, Somerset MA Real Estate (Pavao Real Estate) almost 11 years ago

Bill - CONGRATULATIONS ON THE WELL DESERVED FEATURE...  This is what the public needs to hear!  Thank you for putting it out there.

Posted by Debbie Summers (Charles Rutenberg Realty ) almost 11 years ago

Bill, Your feature absolutely was well deserved, I enjoyed the post and understood it :)  I had seriously thought of selling my home and the examples you gave helped me get a better perspective. Thank you!

Posted by Laura Cerrano, Certified Feng Shui Expert, Speaker & Researcher (Feng Shui Manhattan Long Island) almost 11 years ago

Thanks everyone for commenting on selling a home in a buyer's market.

Posted by Bill Gassett, Metrowest Massachusetts Real Estate (RE/MAX Executive Realty) almost 11 years ago

Kudos to you Bill - great article as always.  This is an angle a lot of folks don't consider when they're stressed over their home not selling for what they hoped it would.  Plus since property values have dipped a bit almost everywhere, you don't even need to "stay local" - depending on where you're going of course.

Posted by Karen Rice, Northeast PA & Lake Wallenpaupack Home Sales (Davis R. Chant, REALTORS) almost 11 years ago

Great post!  I think you are going to have a run on re-blogging this with me included if that is alright!

Posted by Sonja Adams (Samson Proprties) almost 11 years ago

Hi Bill~

A wonderful, well deserved featured post!  Thanks for sharing. I'm just in the beginning of building a rapport with a potential seller, yet as a newbie, I've yet to have a listing! How does one approach this kind of situation? Obviously, "Hi Mr. Seller!  I'm Carin, a newbie, and by the way, did I mention I"ve never done this before? No worries! Let's learn together!" - won't likely be spoken. =)  I am, however, working on a detailed CMA.  In the meantime, he said it'd be fine to call him this week.

I especially appreciate your math wizardry. Really helps to see the big picture and this potential seller is not only downsizing, but moving out of state as well. Thanks again!

Posted by Carin Arrigo-Zimmer, TopBroker Network Real Estate (TopBroker Network Real Estate) almost 11 years ago

Carin - Good luck with your 1st listing appointment. Real Estate is a hard business to break into especially in this challenging market we are in. If you can do well now you will be golden! I started in the business in 1986 and went through a tough Real Estate market from 1987-1993. It certainly made me a better Realtor to get in and learn when the going was tough.

Posted by Bill Gassett, Metrowest Massachusetts Real Estate (RE/MAX Executive Realty) almost 11 years ago

Bill - There is a lot of great information in this post.  It's more than deserving of your little gold star.

I've explained the same thing to sellers, especially those who are moving up, that this market may actually put them in a better position.

Posted by Christine Donovan, Broker/Attorney 714-319-9751 DRE01267479 - Costa M (Donovan Blatt Realty) almost 11 years ago

Bill, wow !!!  A power post with terrific info for any consumer, let alone a seller !  Are some great points to really think about in this type of market.

Posted by The Somers Team, Real People. Real Dreams. Real Estate. (The Somers Team at RE/MAX Access) almost 11 years ago

Bill excellent presentation, easily understood and to the point.  Congratulation on a well deserved feature.

Posted by Jennifer Fivelsdal, Mid Hudson Valley real estate connection ( JFIVE Home Realty LLC | 845-758-6842|162 Deer Run Rd Red Hook NY 12571) almost 11 years ago

I want to commend you for your blog quality. This is an awesome post and so are many of yours posted. That's wh I am an ardent fan.

Another well-thought out blog. You ought to join the Home and Credit Savvy group and post this on there too.

Posted by Loreena and Michael Yeo, Real Estate Agents (3:16 team REALTY ~ Locally-owned Prosper TX Real Estate Co.) almost 11 years ago

Bill ... very, very professional presentation!  Pippa

Posted by Pippa Mac, The Woodlands TX Real Estate (Chevaux Group Realtor, The Woodlands and Spring) almost 11 years ago

Bill - This is a very informative post, love the examples!  I plan to reblog this one - Thanks!

Posted by Tiffany White, Franklin TN Real Estate (Keller Williams Realty - Franklin TN) almost 11 years ago

Bill, very well written. The examples help most readers understand the concept.

Posted by Mana Tulberg, Real Estate Agent - Camarillo CA (805 County Real Estate) almost 11 years ago

Good job Bill...keep up the great work!

Posted by Jeff and Lisa Sellers (The Sellers Realty Lubbock,TX) almost 11 years ago

Bill,

This is some really good advice to sellers and buyers alike.  Congrats on the feature too my friend.

Posted by Don Rogers, Realtor, Broker, CDPE, GRI, OnullFallon MO & St Charles County MO homes (Keller Williams Realty Chesterfield) almost 11 years ago

Christine, Chris, Jen, Loreena,  Pippa, & Tiffany - Thanks for all your compliments on selling your home in a buyer's market! They are much appreciated.

Posted by Bill Gassett, Metrowest Massachusetts Real Estate (RE/MAX Executive Realty) almost 11 years ago

Bill,

I'm not really sure when the "best deal" ever is, but I am usually sure when I want to make a change in my lifestyle or to enhance my lifestyle.  Then I the buyer have to decide if I will buy now, or wait to try and see if I can get a better deal.

When I wait I take the chance that it may be there or it might not.  The price might go lower, or maybe not. The onus may be on the professional to present accurate information, it's also on the consumer to take responsibility for making the decision.

Posted by Rebecca Levinson, Real Estate Marketing and Online Advertising Consultant (Real Skillz-Clear Marketing for Your Real Estate Vision) almost 11 years ago

Terrific article.  May I reprint this and use with my prospects and clients.  I will be more than happy to give you a "by line".  Wonderful job!

Posted by Paul almost 11 years ago

Terrific article.  May I reprint this and us with my prospects and clients.  I will be more than happy to give you a "by line".  Wonderful job!

Posted by Paul almost 11 years ago

Rebecca - It is true that buyers and sellers always need to be held accountable for their decisions. In life timing is everything. I guess my point here is that if you are buying and selling a home in the same market there really is not much of a need to time anything.

Paul - Certainly as long as you give the proper credit.

Posted by Bill Gassett, Metrowest Massachusetts Real Estate (RE/MAX Executive Realty) almost 11 years ago

I was reading through this post and thinking..."This post needs to be featured!" Well...I see that I certainly know how to call them. :-) This is fantastic! I was explaining this to a client a few days ago, but they just could not understand why they were still ahead of the game...even though they are having to sell their home at a significant discount...BECAUSE they are buying a larger home in the same market...that has also been reduced by the same percentage or more. OH WELL...I tried. GREAT STUFF!!!! ~GBU~

Posted by Elizabeth Nieves, Bilingual Raleigh - Durham North Carolina Real Estate Team (The Elizabeth Nieves Realty Group) almost 11 years ago

Thanks Elizabeth! The math certainly works when you are buying and selling in the same market, especially when you are making a move up in value.

Posted by Bill Gassett, Metrowest Massachusetts Real Estate (RE/MAX Executive Realty) almost 11 years ago

Bill, Thanks for a great post. I hope sellers will read it and take your advice.

Posted by Gita Bantwal, REALTOR,ABR,CRS,SRES,GRI - Bucks County & Philadel (RE/MAX Centre Realtors) almost 11 years ago

Gita - Thanks. A well educated seller is the best kind of client to have.

Posted by Bill Gassett, Metrowest Massachusetts Real Estate (RE/MAX Executive Realty) almost 11 years ago

Sales start with acceptance of reality, the right price, and a perfect condition.  I have sold several homes this year with realistic  sellers that were willing to listen to our advice.  The last one listed and sold in 4 days.

Posted by Jim Crawford, Jim Crawford Atlanta Best Listing Agents & REALTOR (Crye-Leike REALTORSĀ®) almost 11 years ago

Jim - So true. An educated seller willing to listen to good advice is a valuable client to have. Homes that are priced where they are supposed to be will sell in any kind of market.

Posted by Bill Gassett, Metrowest Massachusetts Real Estate (RE/MAX Executive Realty) almost 11 years ago

Fantastic post Bill.  I was just discussing this very thing with a seller yesterday.  Sellers can really make up for it on the buying side.  There are so many important factors in order to get a home sold and you covered them!

Posted by Patricia Beck, Colorado Springs Realty (RE/MAX Properties, Inc., GRI, CDPE) almost 11 years ago

Bill, superbly done. I think you covered a seller selling in a down market to a "T." This should be read by every seller. One of the things sellers need to remember, is that even though they are selling for less, they are also buying for less.

Posted by Gena Riede, Real Estate Broker - Sacramento CA Real Estate (916) 417-2699 (Riede Real Estate, Lic. 01310792) almost 11 years ago

Patricia & Gena - Thanks for the compliments on my article. People need to realize that selling and buying in this climate at the same time is no problem. The fact that interest rates have just hit historical lows should be enough to convince those that are thinking about moving up to a larger home.

Posted by Bill Gassett, Metrowest Massachusetts Real Estate (RE/MAX Executive Realty) almost 11 years ago

Bill:

Painting a picture of today's real estate market couldn't be done better!

Do you sometimes feel that you keep saying this over and over, and yet the message doesn't seem to get through?

I'd like to see more media coverage, showing the real estate picture for what it really is; not just drumming on the theme of all is doom and gloom.

Yes, things have changed; but in many instances it's a wash.

The more we all accurately depict the total picture, we can hope that consumers will be more educated with the facts, thereby making good real estate choices.

I think it's terribly important that we all continue to reinforce this message; and visuals certainly help when presentling this kind of analysis.

You always do a terrific job setting the pace!

 

John Prescott

- BostonKayakGuy

Posted by John Prescott, Top Real Estate Agent: Wellesley,Needham,Natick,Metrowest (Century 21 Commonwealth Wellesley) almost 11 years ago

I had significant trouble selling my home because of a stain! Have you ever heard of this? I just couldn't sell it until a guest came though my home and recommended this product called GET SERiOUS that she bought at petsmart. The stuff took out this stain that no other products could right before my eyes in a matter of minutes (2 to be exact). I just cant say enough good things about it! also my home too was a short sale!

Posted by Morgan Bellweather almost 11 years ago

Bill

Great posting. Now my question is how do you use this information and approach to benefit your buyer clients

Posted by Edward moloney, Loan Officer Providing 5 STAR SERVICE (Edward Moloney Loan Officer GMH Mortgage Services) almost 11 years ago

John - Thanks for the compliments on selling your home in a buyers market. There are a lot of folks that start to get it once it is explained to them. This really is a great time to move up with interest rates so low. How are things over in Wellesley?

Morgan - Congrats on selling your home via the short sale route. I am sure you are relieved to put it past you.

Ed - Just as I wrote in my post....I educate my clients and explain how it can benefit them like in the example I mentioned.

Posted by Bill Gassett, Metrowest Massachusetts Real Estate (RE/MAX Executive Realty) almost 11 years ago

Fabulous, informative real estate blogging, Bill.  I agree with you re: the necessity of staging, it isn't necessary for every property and decluttering does go a very long way.  I also believe there are some properties that staging gives a distinct competitive advantage to.  The trick is hiring an agent/Realtor(r) that knows their market well enough to know when to say "when".

Jackie

Posted by Jackie Peraza, Home Stager - Framingham, Massachusetts (Perceptions AdverStaging(TM), LLC) almost 11 years ago

Bill, super article as well, especially for move up buyers

Posted by Dennis Blackmore (Creed Realty) over 10 years ago

Bill,

Great advice on selling a home in today's market.

Posted by Dorie Dillard CRS GRI ABR, Serving Buyers & Sellers in NW Austin Real Estate (Coldwell Banker United RealtorsĀ® ~ 512.750.6899) over 10 years ago

Jackie - I would agree with you 100%. I have certainly seen quite a few homes in my time as a Realtor that could have benefitted greatly by a proper staging.

Dennis & Dorie - Thanks for the compliments on selling in a buyer's market.

Posted by Bill Gassett, Metrowest Massachusetts Real Estate (RE/MAX Executive Realty) over 10 years ago

Sheesh, Bill, what alot of info packed into one blog! You write wall and include alot of good content!

Posted by Eileen Begley, Monterey Real Estate (Coldwell Banker, DelMonte) over 10 years ago

Eileen thanks for the compliment about selling your home in a buyer's market..much appreciated!

Posted by Bill Gassett, Metrowest Massachusetts Real Estate (RE/MAX Executive Realty) over 10 years ago

Bill, a well done article!  I thought I would link to my "Selling Your Home in a Buyer's Market" article which you've read.  I especially appreciate point #1 on the notepad image - hire an internet-savvy realtor.  Even with all the momentum towards a total online marketplace most agents still aren't jumping with both feet.  But, as I'm sure Lenn would say, great! 

Posted by Jeff R. Geoghan, REALTOR, Marketing Manager (Coldwell Banker Residential Brokerage) over 10 years ago

Jeff the value of having a dominate internet presence goes without saying. There are plenty of Realtors that don't have a clue how to market online. I don't mind that at all for obvious reasons.

Posted by Bill Gassett, Metrowest Massachusetts Real Estate (RE/MAX Executive Realty) over 10 years ago

thanks Bill for the well written article.  I found this on google and i hope sellers out there are reading it too!

Posted by Lucia Dee Gagnon (Keller Williams Suburban Realty) over 10 years ago

Lucia thanks for the compliments on selling your home in a buyers market. There are quite a few who hold off selling their home because they don't really understand the whole picture. If you are selling and buying in the same market there is not as much difference as some would assume.

Posted by Bill Gassett, Metrowest Massachusetts Real Estate (RE/MAX Executive Realty) over 10 years ago

Selling and then buyer can be a real problem when the seller used an 80/20 loan.  Yep, not enough to move forward without dollars in the bank. When they do these "crazy" things they aren't thinking that their situation could change at the drop of a hat.  Nice info and great graphics. Envy you for being able to do it so well.

Posted by Peggy Gist over 10 years ago

Hi  Bill,  This is by far the best post I have read.  You are very smart and articulate and I love the way you write.  Will very likely reblog.

Best, Sylvie

Posted by Sylvie Zolezzi over 10 years ago

Peggy - Yes there are times when the seller just doesn't have the cash to do anything. Big problem when there is negative equity.

Sylvie - Thanks that is quite a compliment! I am glad you enjoyed the article.

Posted by Bill Gassett, Metrowest Massachusetts Real Estate (RE/MAX Executive Realty) over 10 years ago
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Posted by cgncorebif over 7 years ago

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