It’s a zoo out there

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If you are selling your home today, you have a lot of company. Signs are showing we headed in to a more “normalize” market. What does that mean to the average seller? You have to look at the buyer a little differently now. You will start seeing more contingencies on your offers. If you were expecting the same results as your neighbors had last year, don’t hold your breath. Offers last year, dare not have any contingencies nor ask the seller to do anything but offer up the keys after I pay higher than asking price. This year, your agent will have to be more creative in getting your property noticed. Let’s say you have a 3 bedroom 2 bath detached colonial. Your buyer, depending on price have 32 homes to look at. What makes your house different from the rest? (here’s the average of all the homes)

There are a few things that can make the difference. Value Range Marketing is one. You will have to contact me for more info on this one. So you finally get an offer. And the buyer has a home to sale before they get to buy yours? They want an FHA loan to finance it at less that asking price, a home inspection, a radon inspection, and they want you to foot the closing cost? What should you do? Well, you can have your agent negotiate some of this down (if possible) to help keep some equity in your pocket, but for the most part, ACCEPT IT! (in the last 5 years some homes made more money than your annual salary. Stats show an increase of 90% from 2000 to 2005) Do you see the maximum number of DOMP and DOMM above? Can you wait that long to sale your house? The average has been 50 days in this category, but depending on the circumstances have lasted a long time. Don’t be afraid to negotiate, but don’t run if you don’t get anywhere. Most homes after they sit for some time end up reducing their price, offering incentives AND STILL end up accepting the above offer! FHA loans are not what they used to be…The government got wise (imagine that!) They had trouble footing FHA loans in the last few years, because they had asked the sellers to do so much in exchange for the buyer to finance the house. And they were very strict on how things were repaired. But now, they are almost in line with a basic conventional loan. So, don’t run when you see this offer, ask questions. Ask your self, can you afford NOT to accept the terms of this loan, what will it cost me later if I wait for a better offer?

60 New homes added in the last 2 days
83 Under contract in the last 7 days
1360 Total Homes for sale in Frederick
Here is last months official Stats from Frederick Association of Realtors

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