Foreclosure Sales vs Home Values, do they impact each other?

Sellers who have lovely homes in top condition are struggling to find the answers of how to sell. Many agents have never seen a market like this because there hasn't been one!

Yet we have seen similar markets and continued to sell homes when interest rates were 18-21%! So what changed?

Here is a market update of a different kind...it is more than numbers. It affects people's lives, dreams, hopes and aspirations.

First the facts:

The Grand Rapids market showed nearly 54% of the area homes sold in September were foreclosures. This was reported by the Grand Rapids Association of Realtors.

What's in the numbers? 728 homes including condominiums were sold in September in the Grand Rapids Area. The Grand Rapids Real Estate market covers the whole metropolitan area along with some of the outlying cities as well. So this means that 393 homes of the 728 sold were foreclosures. This also means the non-distressed property that isn't a short sale or foreclosure only accounted for 335 homes sold.

So what's in the numbers? A year ago the average home in the Grand Rapids Real Estate market sold for $147148 versus September of this year...$116,135.

The headline read in the Grand Rapids Press, " Prices down 21 percent from last year with only one home selling above $700,000!

So what's in the numbers for the average home owner? More than ever before choosing the right Realtor to sell your home is very clear. You have to be in one of the 335 homes sold! We have over 10,000 homes listed for sale in the Grand Rapids Real Estate Market.

Does the selling price affect home values? Of course...So it requires something that everyone knows but nobody but a few want to do, price your home competitively within your neighborhood and market.

Is that all it takes? NO! It takes a marketing plan that creates buyer interest to see your home. It takes a marketing plan that offers huge market and buyer exposure and it takes being priced right.

Here is the bottom line...the facts. Homes are selling, not as many and not for as high a price but nevertheless selling. Not a news flash but it is the market. Realtors don't set the selling price, Realtors don't control buyer offers...they work with them, skillfully negotiating a price that is acceptable to both parties. This never happens if you don't get the buyer exposure or offers.

So What can you do to make sure your home is one of the 335 homes that sold?

Six Things:
(1) Create Curb appeal....so your home is inviting to buyers when they drive by.
(2) Make sure your home is top condition to get top dollar!
(3) Make sure your home is ready to show.
(4) Make sure you are priced right.
(5) Choose your Real Estate Agent based on marketing skills that offer your home the market exposure it needs and you deserve. Not all agents are created equal or market homes in the same manner.
(6) Review your marketing efforts to see what is working to attract buyers and what isn't working. Make adjustments, keep buyers coming until you get offers.

This is a quick overview but you get the idea that in difficult times the answers to the questions change and so do the methods to get the desired results.

Remember when you sell for less than you expect you are going to be purchasing for less than you expected too! You'll have the home you want and need with the future to enjoy.

If you are thinking of selling or your homes real estate listing has expired, give us a call and see how your home can be one of the 335 homes sold. We offer marketing plans that work! Ask about our "30 Day Fast Track Marketing Plan"© 2008

Call Toll Free: 877-667-4699 or Local 616-784-2360 Email for a confidential review of your properties value Email: garywhite@FlexItRealty.com Visit our website for over 30 Free Reports that could save you thousands of dollars in your next real estate transaction. Reports for both buyers and sellers. www.FlexItRealty.com