#tablesturning

The tables are turning in North San Diego County! The Seller’s Market enjoyed by owners over the past 18 months is changing. Homes are sitting with longer market times, buyers are refusing to pay listing price. Price reductions are becoming very common and at the local Broker’s Home Marketing Meetings the term “Sellers are extremely motivated” are becoming standard comments.

What is my advice if you are a seller? Get realistic about your goals. If you need to sell in the next 30-60 days to accomplish getting to your next housing opportunity, reduce aggressively (not 1-2% of current list price but rather 3-6%). Remember, if you are going to be a buyer you will enjoy the same situation when you put in an offer.

If you are a buyer, get yourself in the strongest position by putting your financials in place before you put in the offer. A cash offer with a 10 day escrow, huge deposit and 5 days to inspect catches the attention of most sellers.  You’re saving them an entire house payment with a fast closing so they can pass this savings back to you in the form of price reduction. If you need a loan to purchase, turn in full loan application, pay stubs, tax returns, w2′s, P&L (Self Employed), have clean credit and do not purchase anything with credit over the next 60 days. Shrink contingency dates from the standard 17/21 on most CA contracts to 10/14 to get the seller’s attention.

Hire the best Realtor in your local neighborhood to represent you. Ask to see how many homes they have sold within a 5 mile radius of the property.