Get Top Dollar for your Home?--- not likely!
In the Real Estate market, 2006 will be the year for making adjustments. The 5-year sellers market has ended and the buyers market has begun. Getting top dollar for homes is last year's news. The New Reality is that many overpriced houses are sitting on the market for a long time. And there are many, many houses on the market.
In the New Reality, the buyers are often able to negotiate prices and people who need to sell quickly have to understand that, because sales of existing homes are expected to fall by almost 6% this year. New home sales will be down almost 8%. Mortgage interest rates will be climbing towards the 7% mark.
Nationwide, median existing-home price for 2006 is estimated to be $220,300. For new homes, $250,200 --- because construction costs are up and because of inflation.
So, let's be realistic this year. Don't let your higher price sell your neighbors home! And as for buyers, don't think you can wait until the "bubble" pops (it's not happening!). Buyers and sellers should work with knowledgeable agents who can provide guidance in completing the transaction, with a good outcome for both parties.
In the New Reality, the buyers are often able to negotiate prices and people who need to sell quickly have to understand that, because sales of existing homes are expected to fall by almost 6% this year. New home sales will be down almost 8%. Mortgage interest rates will be climbing towards the 7% mark.
Nationwide, median existing-home price for 2006 is estimated to be $220,300. For new homes, $250,200 --- because construction costs are up and because of inflation.
So, let's be realistic this year. Don't let your higher price sell your neighbors home! And as for buyers, don't think you can wait until the "bubble" pops (it's not happening!). Buyers and sellers should work with knowledgeable agents who can provide guidance in completing the transaction, with a good outcome for both parties.
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