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Wednesday, April 03, 2013

"Reality Based Pricing, Reality Based Offers... How the real estate deal is made."

What happens when a draft real estate post is written and but never goes "live?"  The market passes it by...

The original draft post was titled "Home Seller Tips - Reality Based Pricing"  It was a down and dirty summary of the way to sell a home in a buyer's market written about a year ago. Its major points included:

  1. Price it right.  This means within the realm of reality.
  2. Preparation.   Do what is necessary to make sure all the little neglected items are addressed before placing  it on the market.  And, if there are major issues, make the decision either price accordingly (and disclose to prospective buyers) or fix the problem as well.
  3. Presentation.  Make it available for reasonable showing requests...follow the path of least resistance to attract buyers.
The new title should read "Reality Based Pricing, Reality Based Offers... How the real estate deal is made."

As the market shifts in the seller's favor buyers need to be reminded that the times have changed.   The inventory of "move in ready" homes in Brevard County  Florida is less than probably the past four or five years or longer.  Currently Brevard County  Florida single family home supply on the market is about 4.6 months.  (A balanced market is considered to offer a six month inventory.)

The prices are increasing as well although at a slow but very discernible pace. 

Buyers and sellers are coming together on deals much more quickly.  The median days on the market in Brevard County, Florida during March 2013 was less than 40 days while the average days on the market still runs around 90 days.

A few prospective buyers I have spoken with recently still believe they are in the driver's seat.  Fantasy is often so much more pleasant than reality.

The reality of "how a real estate deal is done" involves a realistic seller and a buyer who recognizes the market has changed and is willing to offer, at a minimum, a lets talk purchase price.

Because, in real estate, whenever a buyer and seller are talking a deal is possible.

Considering buying or selling a house or condo in Melbourne, Florida and the surrounding area, call me at 321-693-3850 if I can assist in any way.

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