Selling a Home in a Changing Market

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Homes that are priced right are still selling fairly quickly, according to a New Jersey home inspector.

In most neighborhoods there are more "FOR SALE" signs than there have been for quite some time.

Home sellers are finding fewer buyers are looking for homes, and homes are taking longer to sell. Home sellers who say there are no buyers are missing the point, there are plenty of buyers looking for homes that are priced right.

Homes that are priced right are still selling fairly quickly, according to Michael Del Greco, President of Accurate Inspections, Inc. based in West Paterson, NJ.

Del Greco compares the real estate market to any other. If something is perceived to be worth a dollar and one sells it for ten cents, there are always buyers, ask a dollar ten, for it and there will be fewer buyers.

Many home sellers are discovering the near vertical price rise of real estate in the past decade is no longer occurring. There have been few slow downs in real estate price rises over the past decade but none where sale prices have fallen, that is changing.

For years, homeowners have set a price on a property and waited for buyers to beat down the door, frequently offering over asking price. That is not happening much any more.

When it was a sellers market, buyers had little choice but to ignore cosmetic defects. After a home inspection sellers were able to tell buyers they were not fixing anything and if the buyer did not buy the home, there were plenty of back up buyers. Neither of these are holding true at the moment.

What is a seller who wants their home to sell faster to do?

First be realistic about the asking price, home buyers do not care how much sellers "have to get" for the home. Buyers care how the price of the home compares to recent sales, not the highest sale.

Second, it is time to clean the house, paint it and to fix all the cosmetic defects. Since fewer buyers may be coming to see your home, each one is more valuable. Sellers can't afford to turn off any buyer these days.

Third, fix what is broken. Although the owners might have gotten used to the problems in the home, buyers may take them as a sign of neglect and just move onto the next home. Use a home inspection checklist like the one located at http://www.accurateinspections.com/home-inspection-checklist.htm

Nearly all home buyers will hire a home inspector. It is very likely problems will be found and buyers will look to you to cure them. In today's market, it is likely you will have to fix many of the problems anyway. Why not beat buyers to the punch and hire a home inspector to make you aware of what needs repair or replacement? Doing so, may make it more likely that the offer you waited so long for, results in a contract that goes through and help you reach your ultimate goal - the sale of your home.

The above was written by home inspector Michael Del Greco, President of Accurate Inspections, INc, West Paterson, NJ and owner of http://www.NewJerseyHomeInspection.com. His resume is at http://www.MDelGreco.com 973-812-5100

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