Existing Home Prices & Sales Plummet

According to the National Association of Realtors, prices for existing homes in the South declined 10.9% in the past year. Also, sales of existing homes in the same area are down 10.6%. The decrease is thought to be the result of deteriorating conditions in the job market, stock market, and consumer confidence.

As a real estate professional, I've seen this firsthand. Its important to note, however, that homes are still selling and any perceived loss in the sale of your current home will likely be recouped in the purchase of your new home. This is because values are down across the board and higher priced homes tend to have greater price concessions than the homes purchased by first time buyers.

If you have a home to sell, you should know that there is a lot of competition for a buyer's attention. Your home needs to stand out. Any items needing repair should be corrected. Any issues that are not addressed will cause your property to sit on the market longer than necessary and will result in a significantly lower price than simply investing in the repairs.

Also, it is the norm for sellers to pay closing costs for the buyer. While it is not a requirement, you should be prepared for this request and factor it into your pricing and budget if possible. Finally, give your home as much exposure as possible. Most buyers start their new home search online so a strong internet presence is a must. Working with a Realtor will also ensure that your home is exposed to the real estate sales community and homes sold by Realtors get a 16% higher price than homes sold by owner.

If you are thinking about selling your home and have questions about the process or need suggestions on how to make your home stand out, feel free to contact me at c_lusby@kw.com.