Wow, did you just offer that?

Right now first time buyers are getting the deals of a life time, however, don't forget that hard working people everywhere put a lot of work into their homes. Therefore, those sellers shouldn't be short changed. I recall when my wife and I bought our first home in Kingfield. It was a two bedroom with a lot of upside. She wanted the hardwood floors and such, and I wanted a house that we could improve over time. The market was red hot at the time and we needed to pay full price just to get the home. Over time we had a vision of what we wanted to do to improve the home, but no money to do the work. As we got more comfortable with our payments we began to work on our home, thinking of resale value. Also, we needed more space.

When we had our children, we quickly discovered we needed to complete our basement. But even when we added 450 sq. ft. it wasn't enough. We had to move, but what is fair market value? We sold at the start of the down slide, and lost some value. But we sold. The x-factor is we still sold at a good price, and with appreciation.

Today's market is more of a buyers market, but lets not forget that homes that are not foreclosures and short sales still have a fair market value. As a real estate agents it is our duty to find that fair market value and work with our clients. As homeowners we put in a lot of sweat equity, and it needs to be reflected in the pricing of a home. There are concessions in every deal, but be mindful that it is not the sellers responsibility to make up difference for the buyer(s). The difference in price for what work the new buyers want to do to the home. Buyers have to do some of their own sweat equity too.

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The Perfect Storm

Every thirty years or so there is a perfect storm of events, and this is the year for real estate. This is 'Perfect Storm' in real estate. Low mortgage rates coupled with affordable home prices means there is no better time to buy, but is it a good time to sell? Yes! Why? Well if your home is priced right there are buyers out there waiting for you as a seller. If you are holding a solid equity position, have time, and price flexibility your home will sell.

The mistake now is not being flexible with your price, but still thinking of your house as a cash machine. This isn't five years ago, and overall home prices have fallen. Think of a sell in this market as getting your house off the market as quickly as possible. What does that mean? Price your house at market, or slightly below market and you will sell. Lots of buyer out there ready to buy, but they better hurry.

Outlook for 2009 to me looks to be any home priced under $200K, will be the hot market. As more first time buyers come to the table don't lose out trying to make additional $10K. Take a hard realistic look at what your home is worth and price it right!

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