November 10, 2008

What Now......

Here in Falmouth, Mass. where I list and sell Real Estate (http://www.peterhawley.com), I have spent the past few days having that heart to heart talk with Sellers. Now that the election is over and we know what is -- the looming question is, what will be? As I tell my Sellers, the future just isn’t what it used to be.

What each Seller must now do is understand what the actual cost of their present property is each month. The mortgage payment, taxes, insurance, heat, electric, lawn service, general upkeep. This total figure is critical, remembering these are out of pocket recurring expenses.

Here is an example; if it is going to cost out of pocket $3,000 a month and it is projected the house might be on the market another 4 months. That is $12,000. My suggestion is at a minimum to do the following. 1. Lower the price this amount. 2. Offer this amount as a Seller’s concession, to be used to pay down a loan interest rate, pay the PMI, pay 2 years of taxes, or pay closing costs, for the BUYER.

Sellers must be Pro-Active in a big way to grab the attention of the Buyer, and as we see in some areas prices being modified downward. What a property is being offered for today does not mean that the market will support that price in the future.

Sellers needed to make some serious decisions. I am available to discuss innovative marketing programs and may be reached at phawley@jackconway.com.

Posted By: Peter Hawley