Seller Reality Check

The Housing Market’s getting better

The Housing Market’s not going to recover

The Housing Recovery already happened

We’re nowhere near the Bottom

I’ve been hearing every possible outlook projected by the so-called experts when they talk about what’s going on in Real Estate here in the Bay Area (And the country, for that matter). So what’s a seller supposed to believe? What should a seller do? Wait? Sell? Pray? Have a drink? (well, I’m always up for that, but it may not be helpful in this case)

Honestly, I don’t have a good, general answer. But for people who need to sell, who are facing foreclosure or are looking at a short sale, I do have one piece of advice:

Have realistic expectations about selling your property.

We’ve all felt the sting of the steep decrease in housing values, but it feels especially sharp when you realize that you’re going to HAVE to sell and you have to sell soon. You are going to have a much easier time of things if you accept that no matter what the market MIGHT do later, TODAY you have to get out of your mortgage. And it might hurt. If you have an offer that is much lower than you’d hoped, but it will get you through this crisis with your credit largely intact, it may be time to put aside your sense of “if only” and accept “what is.”

Also, think about the difference between emotional value and dollar value. This is especially difficult if you’re selling a family home. A buyer is going to be looking at how well THEIR furniture will fit in a room, not how much fun you and your kids had picking out the paint colors. A buyer also may not care about the yard that has great shrubbery that your husband trims into the shape of a fish every year, or how much you love that funky old kitchen sink.

I know this sounds harsh, but I promised you all honesty. And the most honest thing I am telling sellers right now is to be straight with themselves about how much their property is worth, and maybe take some time to consider the tough news in addition to the rosy potential described by that listing Agent who promises you the moon but can’t seem to line up a buyer. If it isn’t moving, there’s a reason. And it’s probably the price.

Yours in HONEST rebellion,

Larry

Do you have stories about your expectations and your reality colliding? I’d love to hear about them! Drop me a line and maybe we’ll feature your story in a future Real Estate Rebel Case Study.