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Selling in a Down Market

The fact is people are buying and selling homes because the job market is good, loan rates are still reasonable for qualified buyers and people still want the satisfaction of owning instead of renting. Unlike oil prices, home buying and selling are almost completely a free market system of supply and demand; you will always find a buyer for the right price. But that’s where it gets tricky. Set your price too low and you will not get what your home’s true value is. Set your price too high and no one will come to see it, much less make an offer.

According to the Association of Florida Realtor’s Terry Story of Coldwell Banker, here is a simple method for home sellers to see if their home is priced right: If buyers don’t perceive value, the home will get no showings. The price must come down substantially. If the price is in the ballpark, the home will get a few showings but no second looks. Sellers should lower the price. If the home is priced right it will get steady showings and repeat visitors. Expect an offer. Now that’s the crux in this market. Some homes have a steady stream of lookers and second lookers but no offers yet. The sellers have re-staged their houses with the Realtor to maximize the home’s features, lowered the price substantially from the initial asking price and are willing to make concessions to the buyer. They have even invested in an Orlando online house tour. Visit the Orlando home’s Web site and post some comments below to help sell this home.

Association of Florida Realtors