East Bay Real Estate: Become A Buyer NOW!

Sellers need to have their homes standout from the “crowd” of similar homes currently on the market. Remember in my recent posting that Smart Sellers are on the market NOW!,  well, time is running out for Bay Area Buyers to continue getting the best buys.  Interest rates are rising, and so are home prices in many local East Bay markets.  Sellers need to become a Buyer NOW!

• Real Estate is always a local.  Know your local market! Many of the communities in the East Bay real estate markets are on their way back up from a three year meltdown.  Some communities still have a year or two left before they recover – primarily the $1 million+ markets. As a Seller you MUST know your micro-markets in order to price your home appropriately, or you won’t even get a nibble.  In addition, even the price ranges in each of the local markets make a difference as to which homes are more likely to sell quicker.  Real estate sales data to evaluate your situation can only be two to three months old because of the rapidly changing markets. And, make sure you have hired a Realtor who specializes in your local region.
• Check out who is buying in your market area. Who are the Buyers and why are they buying?  Some of the factors besides the economic meltdown that are effecting home prices are;  is there a healthy employment base in your region; what is the relocation market like for transferees to your community; what price points seem to be closing escrow more than others?  Again, you need to work with a professional Realtor who can assist with providing you this critical information.
• Interview a professional Realtor! When you are interviewing a Realtor, ask them about your local market conditions. Ask them about how many days on the market are the typical listings taking to sell.  Ask them about the months of inventory currently on the market.  The pricing of your home will be greatly impacted by the months of inventory. Finally, ask them about the last two month trends regarding the absorption rate of homes similar to yours – are they declining or rising.
• What will your house actually sell for? It doesn’t matter what your home is listed for. It only matters what it actually sells for.  Again, review the last two months of sales of similar homes in your community to get an idea of what that will be.
• Consider getting “in front of the market” with your listed price. If your specific local market home pricing is still declining, and you and your Realtor can determine the actual downward pricing trend,  price your home as to where you think the price will be in three months from now!  If you are willing to use this strategy you will have the competitive edge over all the competition of similar listings that are chasing the market with price reductions each month.  The caution on this strategy is that it is almost impossible to raise the price of your home when the market turns upwards, as is happening in the East County communities!
• Do you really have to sell your home now? If you need to get a higher price than what the current market will bare, then the BIG question is, “Can I wait to sell my home when the market reverses it’s downward trend?” If your answer is YES, then take it off the market, and continue to do the fix-ups that will allow it to be in the best condition possible when you put it back on the market at a later time.  If the answer is NO, then Sellers need to get to “what is” regarding the fact they may not get their home sold for the price they hoped for, price it accordingly.
• As a Seller the key is to become a Buyer as fast as you can. If you are not moving out of the Bay Area, remember, you will be purchasing a home in the SAME market as you sold your home.  It will not serve your long term plans to hang out being a Seller when you will be able to purchase your next home in similar market conditions.

Sellers need to become Buyers TODAY if they want to take advantage of both sides of our Bay Area real estate markets.  Interests are still very attractive, and they are rising.  If you plan to sell your home in 2010, do it NOW. The second half of the year will not have all of the same advantages.  Until next time…I always welcome you thoughts and opinions.

Related posts:

1. 2010 East Bay Real Estate Update: Challenges Facing $1 Million+ Buyer/Sellers
2. East Bay Real Estate Tips For Selling Your Home – TODAY!
3. East Bay Real Estate: 4th Quarter Is The Best Time To Sell Or Buy Bay Area Homes!

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Filed Under: Blog, Buyers, Featured Posts, News, Real Estate, Sellers

Tagged: East Bay Buyers, east bay real estate, East Bay Sellers, Jim Walberg