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Thursday, November 13, 2008

Selling in Viera Florida? Are you "Searchin' for a Rainbow"?

I was discussing listing a Viera home with a caller today. He started the conversation by stating he hoped I would tell him what he wanted to hear. Apparently I was not the first Viera Florida real estate agent he had spoken with over the past few days.

rainbow He was searching. There was an old song in the 1970s called "Searchin' for a Rainbow" by The Marshall Tucker Band. I asked what he wanted to hear. His response indeed revealed he was searching.

You see, he had purchased his home two years ago. He wanted to sell it and walk away with cash in his pocket. Not unrealistic if he had some equity in the property. However, he had obtained 100% financing with an interest only loan. Not only had his property value decreased but he also had not reduced the principal. Like many owners today he was upside down.

I had to lay the cards on the table. He will not sell his home for anything near his original purchase price. Further, there would not be any "walking away cash."

Will he be listing his property for sale? I doubt it. If he does will he find his "rainbow?" Again, I doubt it. Selling for a profit now is a rarity.

The positive I took away from this conversation? My fellow real estate professionals in Viera are telling it like it is! This is what it will take to reduce the glut of homes on the market.

Interested in selling your Viera home? Give me a call, please. I will not mislead however I will share my view of your options. Why not call? It is free!

Gary Waters, Florida licensed real estate agent, Century 21 Baytree Realty, Rockledge, Florida. I can be reached by email at or call me directly at 321-693-3850.

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