For the past 2 years the real estate market has been on a steady decline. Homeowners like Tom Redding are having to throw in extra incentives just to get potential buyers to come and view their home. Tom has had his property for sale for over a year with very little showings, so he has decided to include all the furnishing in the sale price as an added bonus. Even with the perk of the furnishings and lowering the price on his home, he has seen very little activity on his listing. He has recently been offered a job in another state and has to relocate within the next two months, so he has decided to change the listing to “House for Rent” with an option to buy. Hoping that will stir up a little more attention. This seems to be a new trend in the Real Estate Market.
Sara Johnson is another property owner having trouble selling her Downtown apartment. Sara had originally listed her apartment for sale by owner. But soon found that trying to sell your own property is a lot harder than it sounds. She thought she would be able to list it at a lower price since she was cutting out the broker and not having to pay a fee. She soon found out that unless you are schooled in the Real Estate Market, you are better off paying the Brokers fee as it is a very stressful and time consuming job. After trying to sell her apartment on her own for 6 months with very little luck and a lot of frustration she found herself an agent to take over. The agent will do all the work, finding the potential buyers, answering the phone calls, negotiating prices, all the stressful things involved with selling. She still hasn’t received an offer that she is comfortable excepting yet, but she is hopeful that the New Year will bring in new offers. Her agent has also spoken with her about the option of changing the listing to an “Apartment for Rent” with a one year option to purchase. Sara says the option does sound interesting, although at this point she is not financially able to hold down two housing payments a month, so she continues to hope for an uphill swing in the Real Estate Market.
It was only a few short years ago when the housing market was booming and property owners could expect to get almost double the amount they paid for their homes. Buying and selling houses was definitely a win-win situation for anyone lucky enough to be involved. But as the saying goes all good things must come to an end and for now at least the end has come for Real Estate.
My advice to people wanting to sell their homes now would be, if you don’t have to sell now, DON’T. If you are set on selling your home be prepared for a long wait and you should also thing about throwing in some incentives, like closing costs, furnishings, or perhaps a new appliance package. People are always looking to get something for nothing, this is a way to make your listing stand out.