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Selling Your Home … in
Today’s Market
By Arlene Gerig and Judy Gorun,
ReMax Preferred
Just what is “today’s market”? Is
it any different from a year ago, or even six months
ago? In recent months, we have been bombarded with
daily reports on the depressed state of the housing
market. It is very important to remind ourselves,
however, that the housing market is very similar to
the stock market–both experience corrections
from time to time.
 Let’s
take a look at some of the characteristics of the
current market:
 •
Today, there are many homes on the market that have
been there for quite some time without being sold.
One reason is that many second-and third-time buyers
are moving to larger homes or new homes. Their original
homes, however, are not being purchased as quickly
by first-time buyers. Therefore, we find many homes
just sitting on the market.
•
New construction also has contributed markedly to
the larger inventory of properties for sale. Builders
realized that many buyers were interested in making
the move to new construction, purchased lots in newer
subdivisions, and built homes. Many new homes were
purchased, but now a large number of the buyers are
left with their former homes to sell in a slowing
market.
•
Today, for varying economic reasons, many homeowners
find themselves in a situation where they must sell
their homes. One reason is that the original loan
was written with an adjustable rate mortgage that
was very attractive at the time. The homeowner, however,
may have forgotten or not realized that when an adjustment
occurred, there could be a substantial increase in
the monthly mortgage payments. Factors complicating
this situation even further might be the following:
the financial ramifications of divorce since the original
loan was written, reduction in income due to loss
of employment, increase in size of family, or costly
health issues. All of these reasons can have a disastrous
reflection on the ability to repay mortgage loans,
resulting in the need to sell.
•
Many of the aforementioned loans were subprime loans
and frequently were written with adjustable rates.
Generally, those borrowers have credit scores of 620
or below. Many of these borrowers were including closing
costs and down payments in their loans. When the borrower
wanted to refinance from an adjustable rate to a fixed
rate, he or she had no equity with which to support
the loan. In spite of this, today, foreclosures represent
only a small part, less than one percent, of all mortgages.
The Ohio Realtor September 2007 edition shows the
number of homes sold was down by 3.2% during the period
of January to July 2007 as compared with the same
period in 2006. The average sale price reflected a
drop of 1.5% during the period of January to July
2007 as compared with the same period in 2006. These
are numbers for our local Toledo Board of Realtors
as reported by Ohio Realtor.
 So,
can homes actually be sold in the current market?
Of course, they can! Because of the large inventory
of homes on the market, buyers are taking more time
to make decisions, and sellers need to be mindful
that properties are moving more slowly than in recent
years. A detailed plan is now more important than
ever. This plan should include the following critical
points to make your home more attractive than others
and appeal to today’s buyers:
•
Clean your home until it sparkles.
•
Remove all unnecessary items, and rid the house of
clutter.
•
Consider painting your home to give it that fresh
look.
•
Remedy worn spots by cleaning or installing new carpeting.
•
Update landscaping to give your home great curb appeal.
•
Consider offering a home warranty.
•
Consider a pre-listing home inspection so that you
can remedy any problems before your house goes on
the market.
Following these few good tips will make your home
stand out above the others. Keep in mind that there
are buyers, and there are mortgages available for
financing the purchase of our home.
Yes, selling your real estate in today’s market
is an attainable goal!
Arlene Gerig
419-283-9654
Judy Gorun
419-283-6172
RE/MAX Preferred Associates
3306 Executive Parkway, Suite 101
Toledo, OH 43606
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