That doesn't mean just what other homes in your neighborhood are selling for but the type of financing as well. In addition you want to know more about the people who are buying the homes in your neighborhood and the type of house you're selling. The reason this is important is because if they are mostly bank employees, for example, and you know that just recently banks in your area began cutting staff you will know it is not the best time to command the highest price. This will leave you with the option to go for a lower listing price or to wait until the market improves to attempt to sell your home.
Age and Condition of Your Home
With the tight budget many people have today they are more interested in buying homes that fit into one of two categories: the home is in move-in conditions and needs nothing to make it truly livable or the fixer upper that is in livable condition but needs substantial work to make it aesthetically presentable but at a tremendously reduced cost. Current buyers will not be interested in purchasing homes in the latter category unless you give them a real "steal" and even then they may ask for other concessions such as help with their settlement costs.
The current age of your home is also important especially if it still has the original appliances, roof and exterior trim and siding. Buyers will know with an older home it will not be very long until it will be necessary for them to replace the major appliances-even the heating and air conditioning system-so in order to take a chance on your home, they will want a real bargain. You will have to be willing and able to meet the challenge selling an older home will require.
On the other hand, if your home is fairly new, you may face the challenge of depressed value in the current economy. In order to overcome this obstacle you may have to resort to creative financing up to and including financing all or part of the mortgage yourself. Another option might be to sell your home as a take over with seller financing for the remainder. Lease Purchase is another creative option as well. The good part about the latter is you may discover in another year or two (whatever lease term you choose) the market may improve and allow you to sell the property at a higher price as long as you include that provision in the original agreement.
Author Resource:
For more info about real estate investments and investment plans , visit http://www.collectrealassets.com
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