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Buying or Selling a Home in Today’s Market

- By Todd Gifford

Almost everyone is aware that the current real estate market is a tough one. Most people assume it is more difficult for sellers than buyers, however it can be equally difficult for both. Sellers are troubled with heavy competition due to high inventory levels and in many cases the absolute necessity to sell. On the other hand buyers are dealing with a difficult mortgage market and a sometimes confusing decision as to the right time and place to buy.

The national media certainly hasn’t helped matters. One mistake that the media continues to make when reporting on market conditions is that they often fail to recognize that real estate is regional. Believe it or not some cities/ areas still have strong, stable markets. Houston, Dallas, and Charlotte are some examples of areas that have solid markets and stable appreciation. The market in Northeast Florida is certainly not strong at this time, however it is more stable than many other areas in Florida and other states.

In the Northeast Florida area our market is a mixed bag. We still have a high number of homes for sale and it will likely be many months before we see substantial improvement in the market. The tumbling mortgage markets have certainly affected the timeframe for recovery in all areas, especially when it comes to Jumbo and other “non-conforming” loans. On a positive note, it appears that prices have stabilized in Northeast Florida, with a few exceptions.

With current market conditions being difficult for everyone, it is critical to do everything right when attempting to buy or sell a home. Here are some tips to help you navigate our current market:

1) Make sure to work with an agent who knows the local market conditions extremely well. Ask for specific data regarding the neighborhood and area. Your agent should be able to present and explain detailed sales data for homes in your neighborhood, average days on market, etc. They should be very familiar with any specific neighborhood issues that may affect the marketing of your home (such as a new shopping center close by). If you are buying, your agent should be aware of what appear to be the best opportunities (such as bank owned properties or pre-foreclosures).

2) Don’t attempt to buy or sell a home on your own or through an agent who lacks experience. When the market is red hot almost anyone can sell a home, but when competition is stiff you need to make sure you and your agent do everything right, which means you should work with the best in the business. When buying or selling a home in our current market there are many risks that experienced agents can help you avoid. Make sure you ask agents what type of real estate sales experience they have, how many homes they sell each year, and how long they have been in the business.

3) Use an agent that conducts business with honesty and integrity, and is considered a “straight shooter”. Whether buying or selling you want an agent who will tell it like it is and go to bat for you whenever necessary. Don’t be afraid to ask for references.

4) Work with an agent who utilizes the most cutting edge technology. This is critical for buyers in terms of locating the best deals and for sellers in regards to marketing a property in the most efficient manner possible. When interviewing agents ask them to explain how their use of specific technology can help you with buying or selling.

5) Work with an agent who is confident in his/ her abilities, yet listens and asks questions in regards to your needs.

Feel free to call or e-mail me today with any real estate related questions you may have.  I would be happy assist you with all aspects of selling or buying a home!

Copyright © 2007 Todd Gifford