Tag: home prices

What To Do If Your Home Won’t Sell

Has your house been on the market for awhile and it’s still not selling? Assuming it is in saleable condition, if your home is still on the market, it is most likely priced too high for the area. Luckily for you, of the three basic elements that sell a home (location, condition & price), price is the one you, as a seller, can control!

Has your house been on the market for awhile and it’s still not selling?  Assuming it is in saleable condition, if your home is still on the market, it is most likely priced too high for the area.  Luckily for you, of the three basic elements that sell a home (location, condition & price), price is the one you, as a seller, can control!

So, how do you know if you need to lower the price of your home?  Ask your real estate agent what the average time is for houses to be on the market in your area.  If your house has been on the market for longer than that, then you should consider lowering your price.  Another indicator that you may need to lower the price is if your house has been on the market for several months with low to no interest.  In many areas, home prices are continuing to fall, so even if your home was pried well when you first listed it, if it’s been sitting on the market for awhile, you may need to adjust it.

Once you decide that you need to lower the price of your home, you need to decide how low to go.  That decision should be based on local market research.  Again, to make the best decision you need to have a real estate agent that you trust and seek out their advice.  Ask your agent for a new comparative market analysis (comps), and be sure that the comps are recent.  If you put your home on the market without having it appraised, having it done now could help you even more.

Trying to sell your home?  Looking for an agent you can trust?  Give us a call at Cooper Realty and let us help you sell your home – 302-856-6434.

STILL RENTING? WOULDN’T YOU RATHER PAY LESS FOR A MORTGAGE THAN YOU’RE PAYING IN RENT?

“The median monthly mortgage payment of about $700 has fallen to about the level of a median monthly rent check,” an article at MSNBC.com notes about Diggle’s analysis. “If mortgage rates keep falling and rents keep rising, the equation will tip even further toward owning.”

More Buyers Ready to Get Off the Sidelines?

DAILY REAL ESTATE NEWS | TUESDAY, JANUARY 24, 2012

When you compare the cost of owning a home to renting, you’ll find that buying may soon make more sense, Paul Diggle, a housing economist at Capital Economics, told MSNBC.com.

Diggle’s analysis of the housing market showed a 33 percent drop in home prices, record-low mortgage rates (with 30-year fixed-rate mortgages available under 4 percent now), and a 15 percent rise in rents since the housing market turned sour are making more consumers take a closer look at buying.

“The median monthly mortgage payment of about $700 has fallen to about the level of a median monthly rent check,” an article at MSNBC.com notes about Diggle’s analysis. “If mortgage rates keep falling and rents keep rising, the equation will tip even further toward owning.”

Case in point: Diggle says that a buyer who purchases a median-priced home and stays there for at least seven years would likely come out ahead  by about $9,000 than if they chose to rent for those seven years. Diggle’s calculations factor in rents continuing to rise 3 percent a year, and housing prices staying flat for the next two years before rising in 2014.

But while more Americans may be motivated to buy, many still can’t, Diggle notes. Home owners who lost their home to foreclosure may be forced to wait on the sidelines before owning again, other Americans may not have a 20 percent down payment that more lenders are wanting, lack a high credit score to qualify for the best financing, or have steady employment.

Source: “Home Buying Could Soon Beat Renting,” MSNBC.com (Jan. 23, 2012)

LET THE PROFESSIONALS AT COOPER REALTY ASSOCIATES HELP YOU FIND YOUR NEW HOME!  CALL US!!

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