Posted by: Meena Gujral | October 24, 2008

Selling my home in today’s market in Fremont, California!

House for sale

Selling a home can be a stressful experience in today’s market with all the credit and lending issues and buyers wanting to give low ball offers. Most sellers have a difficult time being objective about their homes, they claim their house is the best home in all the comparables they are shown by their real estate agent.

Put yourself in the buyer’s shoes. If you were a buyer would you pay the price you listed your home for? When there are so many homes on the market, why would a buyer want to offer on a house that is priced above all the others?

Keep in mind this is a declining market and appraisers are deducting at least 1.5% off the price for each month from the last sale in many parts of Fremont and other East Bay cities may be more. So the longer your house is on the market, the lower the value of the house. Doesn’t it make sense to price the home correctly to begin with and get it sold rather than “try it for a while at a higher price” and then have to reduce more than before?

Granted Mission San Jose area has great schools and buyers are anxious to buy in the Mission school district. That still does not mean you can ask whatever you like and the house will sell. I have noticed several homes on the market that are overpriced in the Mission area.

Sellers need to get a reality check if they are serious about selling their home in the Mission area or anywhere in the Bay area for that matter. The days of multiple offers are gone…..oops actually that is not quite true; the properties that are getting multiple offers and are selling for way over the asking price are the REO (bank owned) properties.

So when a normal seller is competing with an REO property, guess who is going to get the home sold first? Obviously the Reo since the bank needs to get the property off their books and will sell it for a lot lower than the market price. Unfortunately that listing will effect the prices of the entire neighborhood and the appraisers will take the REO homes in their appraisal and appraise your house accordingly.

 

Meena Gujral

Help-U-Sell Avchievers Realty

http://www.helpusellachievers.com

40083 Mission Blvd., Fremont, Ca. 94539

510-279-9580

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