Don't look now..... but the Spring Market is in FULL swing! The warm weather has changed the playing field and the houses that usually wait until the warmer weather...are already on!!
IT IS STILL A PERFECT TIME TO BE A BUYER!! Warren Buffet said on NBC's " Squawk Box" that if it was manageable, he would buy up a few hundred thousand single family homes as investments!
Now, that the inventory is increasing, the houses that have languished on the market with price tags too high, have to contend with fresh inventory, upgrades and more aggressive pricing!
There continues to be MORE and MORE reductions with the inventory that has lingered....sometimes, large reductions that result in whole new Price Ranges!
No more do we see the 10-15K reduction, NOW we are seeing 50-75K reductions!!
What does that tell us??? Mr, Seller is feeling a slight desperation now, if his house has been lanquishing on the market. He surely does not want to face another Spring on the reduction trail! But here we are with Spring upon us and houses continue to languish,some for hundreds of days!
Sooooo, prices are continuing to come down again,,,en masse.
WHYWHYWHYWHYWHYWHYWHYWHYWHYWHY? BECAUSE.......WE HAVE NOT REACHED THE BOTTOM, YET!!!!!
The ride is not over,,,,we thought we had reached the bottom with a little surge of activity at the end of the year, but NOW, the financial world is telling a different story!
Sellers-BEST TO BE POISED AND READY WITH YOUR PRICE REALISTIC AND YOUR HOME IN EXCELLENT CONDITION.
MARY'S ADVICE COLUMN: INTEREST RATES ARE STILL EXCELLENT!!....
I STILL say NOW is the time to BUY!
WORDS OF WISDOM: Sellers, price your home 3-5% UNDER fair market value......and try to create a BUYER frenzy..... With so many homes competing in the actual price range, put your home in MINT condition, price it to GIVE AWAY and you could wind up taking a Highest and Best...and get way over the asking!!! W O W!! What a great idea....we need creative ways and strategies these days to get the job done!!!
Mr. Seller,now is the time for optimism,the buyers are out there!! They are looking for great DEALS and are probably still a tad reluctant and scared! It will become A LITTLE EASIER for buyers to qualify for mortgages and to get them,as banks are letting up on some of the more stringent contingencies...so PRICE your home to SELL, so buyers can move quickly!!!!
Bank Appraisors are thinking conservatively these days....and some homes are not appraising for what a seller is asking!!! Appraisors are saying that a house value reduces by 1% every month it sits on the market UNSOLD! So, get real and price right!!!!
The Buyers are also extremely well educated and versed in the market. They SCOUR all the Real Estate websites and make charts and know all about the market ...or so they think...thats where your realtor comes in! My ADVICE: Since getting any offers at ALL can be difficult, if you are fortunate enough to receive an offer, (because you have put your trust in your realtor and priced right!) even though it may be a lower than you wished for, work with it. Do counter and see how far you may get. Keep a positive and open mind and remember, if you were the BUYER, you would probably do the same! There is more and more inventory(competition) just waiting to come on in the future months, so be smart NOW! TIME IS MONEY! Mr. Buyer, mortgage rates are still undeniably AWESOME and you can still get a great deal! With home prices still deflating now, there are some terrific deals out there that may never come again! SO DON"T WAIT TOO LONG...if it seems like a great deal...it most likely IS! GO FOR IT!
Buyers, Do NOT waste time with ridiculously low offers, they will usually get you nowhere, and may manage to insult enough where a seller may not even bother to counter. And if you REALLY want this house, you may do irreversable damage. Ask your REALTOR about List Price to Sale Price ratios and you will see that they are not that far off. Even if you can go higher, keep it respectable.
HELPFUL HINT FOR BUYERS AND SELLERS: Try getting a Bank Appraisal before either Listing or Buying! It is a helpful negotiating tool as well as REALITY CHECK!
Get that Pre-Approval and call your REALTORS!
Call Mary for your Mortgage Representative today!
One thing is for sure: Great Price + Great Condition=SALE
ZIP Code: 06897 Approximate Location Boundaries: Wilton borders Norwalk, Ridgefield, New Canaan, Weston, Westport and Redding.
Location Characteristics: Wilton is a warm and inviting, small New England town that maintains a wonderful balance between charm and cosmo! Known for it's Award Winning School System, Wilton emarges as the #1 Choice for families. A terrificly convenient location for the New York commuter, Wilton is 50 minutes to Grand Central Station.
About Mary Bozzuti Higgins:
Mary Bozzuti Higgins "Success is not a goal, it's a GIVEN" Mary is an Award Winning Realtor and resident of Wilton for over 40 years. As a proud Sotheby's agent, she is privileged to work hand in hand with one of the most recognizeable names in the world...SOTHEBY'S. Mary + TEAM SOTHEBY'S= Undeniable Quality and Success Whether you are BUYING or SELLING, go with the name that is known the world over, Sotheby's. Call MAry today with all your Real Estate needs-203-216-7999. PASSION, INTELLIGENCE AND INFLUENCE AROUND THE GLOBE.
These reports reflect the views and opinions of their authors and are not necessarily the views and opinions of Realty Times.
