Will a flood of foreclosures cause housing prices in your neighborhood to decline even more? [Real estate is local. Know thy neighborhood.]
As a seller of a house in Brevard County Florida, with over 5,000 houses on the market, is it worth rejecting an offer now to risk maybe a higher offer next month? [In the words of the old cliche "Is a bird in the hand really worth two in the bush?"]
Sellers should take the cost of holding a house for another month or several months into consideration when mulling over an offer. If the sale is due to a job change and one spouse has already relocated, there is the cost of maintaining two residences. What about the cost of mortgage, taxes, insurance, etc? Is there some looming repair? Is the house already vacant?
Evaluation of an offer, with goals in mind, knowing what the lowest acceptable price as well as carrying costs while awaiting another offer, is especially key in a buyer's market.
As a buyer, use it as a tool. As a seller, use it as a tool.
Gary L. Waters PLLC, Florida licensed real estate agent, Century 21 Baytree Realty, Rockledge, Florida serving Florida's Space Coast including the cities and communities of Melbourne, Viera, Rockledge, Suntree, Merritt Island, Cocoa Beach and the surrounding region.