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.
Follow this conversation at www.twitter.com/edinarealty and become a follower.
No comments:
Post a Comment