In the month if November sales of existing homes rose to the highest levels since February 2007. However the median sales price fell 4.3 %. What this means is that buyers more than ever need the assistance of a qualified agent to help them sift through the good buys to find the great buys. It also means that buyers need to be prepared to buy and buy now, because those great deals don’t last long. With lower interest rates and the expansion of the first time home buyer credit, now more than ever is the time to buy. What it means for sellers is that, you want an agent who will be upfront and honest with you about true market conditions. You might like the agent that will list the home for the highest price, but this agent might be just wanting another listing to advertise their services, and it might just sit on the market costing you money. Whereas an honest upfront agent will tell you the true value. It might not be pleasant news at first but when your homes sells fast it will be well worth it.
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WOW… that is what I thought yesterday when I opened the appraisal for my personal home. I love all of the upgrades that I have such as my Kitchen Aid appliances; pecan hardwood floors; tile showers (double shower head); stone patio and so on BUT in a recent appraisal my custom home was compared with 2 homes built by Centex about 5 miles down the road. MY house dropped 62% in 3 years (almost $150,000)… wow! I know the market but when it applies to you personally, you feel it strong! This was the sales comparison. To construct the home again would require $60,000 more than what my sales comparison appraisal was. After all, an appraisal is based on SALES… not what you r neighbor has a house listed for and  thinks it’s worth.

An appraisal is important and necessary but luckily I’m staying in my home and the things I overpaid for –for today’s market- are worth it for me. If I ever sell, I’m sure it will take time like most homes on the market but if you are wanting to sell to move or need to sell to downsize, no doubt don’t overprice the home. Not only will this result in fewer showings, thus fewer buyers, you’ll also end up with the home longer which costs you in the long run. Don’t price behind the curve… get ahead to meet your selling goals.  

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