Are You Concerned About Selling Your Home?

We are in difficult times in real estate throughout this great country. Many homes are being forced into foreclosure. It is a shame because many of these homes were not affordable to begin with from day one. What I mean by that is you have many people that bought homes with 100% financing or homes that were overpriced. I will get into to greater details as to what my perspective is on why that happened in future posts. For now I want to discuss your concerns about selling your home.

The 2 factors mentioned above lead to folks trying overprice their homes in todays market and that will not get your home sold. The fact is if you have 10 homes in your area that are close to the same size, style, and condition. You seriously want to consider being priced in the lowest 20% and also consider a FSBO Real Estate marketing service to save on commissions. Listen too many sellers believe for one reason or another their home is better than the next. Well here is a news flash the buyer does not care what you think your home is worth. Also remember that correct pricing of a home will make it sell fastest whether you sell FSBO or list with a real estate firm.

The other issue is a seller who bought with 100% financing and has zero equity built into the home because they have only lived there for 2 years. Living in a home for only 2 years in a down market with 100% financing will almost certainly leave you in a negative equity position. This leads to a seller making a decision to overprice hoping to avoid a negative equity position. This almost never works and often eventually leads to some folks getting into a foreclosure situation.

My belief is no one should ever buy real estate for 100% financing. This is a major mistake and will always be consider a poor decision in my mind. Making smart decisions from the start will always be the best medicine for avoiding future problems.