In this market, you will realize that selling a home is very hard. You can put your home on the market for a great price and still, you will not make a sale. The only homes that are really selling at this point in time are those that are bank owned (REO), foreclosed upon and in short sale. As we know, the competition related to these properties is immense. Selling a home at what would seem a reasonable market value is unheard of.
If you have a higher end home, you will have a better chance. Even in this market, some higher end homes are still making sales. Although the upper spectrum has got hit fairly hard, they are not suffering like subprime mortgages and properties are. If you do have a higher end home and are selling it in this market, you will know that you are definitely not getting the full potential in value of the home. In some cases, this is perfectly OK with the seller. Circumstances that would lead to a sale with little or no profit would be those that are trying to get out of the financial burden, those who are defaulting on their loan and those that need to move and relocate for a job, etc.
As mentioned before, the competition is fierce. Homes are getting foreclosed on daily and the buyer’s pool is getting smaller. This creates a very strong buyer’s market. When this happens, the seller really is reliant on the fact of giving the buyer basically what they want in order to get that home sold.
If you are on middle ground with whether or not to sell your home, and you have the choice, wait for brighter days. If you are not in immediate need to sell your home, then don’t. These situations would be when a couple is ready to retire. They might want to sell their home and move into a smaller place. They may even want to just buy a motor home and live traveling around the country. These are really aspects of life that can be postponed a year or two and maybe three, in order to make the best financial decision. Selling a home, as well as buying, is a big commitment and a definite choice. You do not want to look back and think you made a mistake and should have waited for the market to clear up.
Whichever your situation as a seller, the real estate market is based on luck. It would be a small shot in the dark to secure a buyer that is interested in your home at the value you think it should be sold at. In some rare instances this does happen; in most cases, it does not happen. If you want a fighting chance at selling your home in this market, get with a reputable real estate agent and see what they can do for you.
Learn more about the Anchorage Real Estate market or search Anchorage Homes For Sale on Ryan Tollefsen’s Alaska Real Estate web site.
