If you must sell your house but the doom and gloom on CNN gives you pause, consider these facts about the state of real estate in Texas; specifically the Austin market.
Most know that like many businesses, real estate is cyclical. The market peaked in 2006 and is now on the down-swing, exacerbated in the last year by the sub-prime lending crisis. Even so, prices continue to rise. To prospective sellers this may sound good. However there is more to consider when placing your home on the market. The real issue is that fewer homes are selling, which means inventory has increased. That is to say, more homes are available for buyers to choose from. This is sometimes referred to as a buyer's market. The buyer has the power to negotiate a deal most favorable to him.
If you must move, I recommend the following:
After all these considerations and preparations, it is still possible that your house won't sell at a price you can live with. Leasing your house may be a wise alternative at this point. Many of those first time home buyers that the lending crunch has pushed out of the buying arena, are ready to live in a house rather than an apartment and rent prices are on the rise. Don't despair, the real estate market isn't bad; it is just different and will change again soon.
Susan Brown is a Realtor at John Horton Realty in Austin, Texas. With education and love of interior design, she specializes in the make-ready of homes for sale to sell quickly at the best possible price.
Susan is a member of the Williamson County (Texas) Association of Realtors and in 2009 will serve as Treasurer for the Austin Chapter of the Women's Council of Realtors.
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