“Price Improvement” - NOT A RED FLAG
“Price Improvement” Not the Red Flag It Used to Be
Bonnie Jessee, Realtor
530 412 3984
In different ‘markets’ (by market we mean, timing, and regions), a home listed for sale sometimes developed a reputation for problems if it did not sell within a month or so. Regionally, many sellers have homes listed that have been on the market for six months or longer. It is relatively common for it to take a significant time to sell a house and the property is no longer stigmatized if it stays on the market for a while.
Many buyers are sitting on the fence at this point, watching the market and waiting for a better time to buy. It’s impossible to time the housing market (unless you have that crystal ball), so you may not know precisely when the market will next correct until that correction has already occurred. A market correction can be verified only through tracking the trends that have occurred.
It is interesting to note that most buyers feel more comfortable buying in a hot market, even though it may mean paying more, while there are some buyers who see a slow market as a good opportunity to purchase. If you are contemplating buying now, Congratulations! This is a great time to buy. Inventory is good, pricing is great and money is inexpensive!
HIRE A PROFESSIONAL Your professional Realtor knows inventory of homes available in the target area. Some of these listings will never work for you, either because they aren’t large enough or because they have defects you might not be able to live with. Knowing this, your Realtor can save you days of time by previewing homes for you.
Find a Realtor who specializes locally and who will keep you consistently informed on local market conditions. Ask you’re a Realtor to sign you up for the automated information system that will send you information directly from the multiple listing service (or your Realtors’ website) when new properties are listed on the market or when the status of a listing changes.
Pay special interest to those listings that are back on the market, and ones that have had a price reduction or improvement. If a house back on the market is one you were previously interested in, ask your Realtor to discover the details of the last situation. We are seeing more transactions fall apart because the buyers were unable to secure financing. A seller who has lost a sale because the buyer couldn’t perform could be receptive to a reasonable offer from a well-qualified buyer. That could be you if you have positioned yourself properly, have loan approvals in place and have that special Realtor paving the way to smooth negotiations.
Pricing Improvement might be due to the fact the sellers have to transfer to a new city or town right away, or because of health reasons. Your Realtor may help you in making these discoveries thereby putting you as the buyer at the forefront – even if your price is not listing or asking price!
Hire that professional Realtor to work exclusively for you. Give me a call today! Have fun!
Bonnie Jessee, Realtor 530 412 3984
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