Successful Seller's in a Buyer's Market

I have been working on evaluating my business for 2007 and have found some similarities with the sellers that have been successful in achieving their goals and those that have not. I want to share the differnces that I have found. To say that this is a 'bad market' is only looking at one side of the market. The market is always going to sway one way or the other. Most people who are selling their home also need a place to live or to buy a home. If your goal in selling is to get top dollar on the sale of your home, then this is not the time to sell. However, if you also need to buy a home then take advantage of the huge inventory to choose from, the low interst rates, and the low prices on your purchase. I will share an example of some clients that were in the scenerio of having to sacrifice $10,000 to $20,000 on the sale of their home, then they turned around and saved $40,000 to $45,000 on their purchase. This couple was very clear on where and when they wanted to move. They were honestly thrilled with the prices in that area being lower then they anticipated and had no problem lowering the price on their current residence to move forward with their dream home.

I have also had sellers who were not able to get their homes sold. Understanding that when they purchased their first home in 2002, it was still a sellers market and they paid market value for their home. In 2007 home prices are declining, the market has shifted and to stay ahead of the market you have to lower your price to what the market will bare. If your thinking about a move in the near future, this is probably the best time to purchase and if you have to sell as well, focus your attention on where your going rather then focusing on what your leaving behind and the over all picture will be in your best interest.

The alternative is to wait for the market to turn around again and it will, then sell your home for top market value and purchase a home for top market value. I doubt you will find yourself ahead financially, but you have a good excuse for putting your life on hold a little longer.

I would love to hear your thoughts about the real estate market. Thanks