Do sellers truly want to know what their home is worth, or do they only want to hear what they hope it is worth?
Here in Southern California, most would agree that our real estate market has been hard hit over the past few years. Prices are down.
In a time when:
- 44% of all homes in Orange County are distressed (ie. short sale or foreclosure), 70% for homes under $500,000
- the median home price in Orange County is down 38% from the peak in June 2007
- Notice of Defaults for failure to pay a mortgage were up 80% last year over 2007
Sellers may wish that their homes were still worth what they were just three or four years ago, but the truth is, they're not.
So, my question is would a seller rather be told that their home can be sold at a price that may have existed last month, last year or even a few years ago? Or, would they rather be truly informed about the value of their home today and what it will take to get their home sold in today's market?
I don't see the benefit to them in candy coating the truth. In a declining market, over-pricing the home will lead to fewer potential buyers seeing the home, a longer marketing time and more price decline.
As a real estate consultant, my job is to educate the sellers on the true value of their home, to market their home, expose it to as many buyers as possible, negotiate the best deal possible in today's market and get the property sold.
How am I doing sellers a favor by allowing you to continue to believe in a value that is long gone and may exist again some day, but not right now?
As Broker Bryant says, "I'm not here to tell you what your house is worth, I'm here to tell you what it will take to get it sold."
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About the author: Christine Donovan is a California Residential Real Estate Broker with experience in assisting clients buy and sell residential real estate.
Are you upside down in your home? Is it worth less than you owe? Are you concerned about making your mortgage payment? Contact me at christine@donovanblatt.com or 714-319-9751 to discuss your options.
Want to buy a home or to list your property for sale in Newport Beach, Costa Mesa, Huntington Beach or Orange County? Contact christine@donovanblatt.com or 714-319-9751 to learn about my system which will make your buying and selling experience easier.
Click Orange County homes for sale to view all OC homes for sale.
Disclaimer: All information in this blog is deemed reliable but is subject to change at any time and is not guaranteed to be accurate nor are there any warantees either express or implied.
Copyright © 2009 by Christine Donovan, All Rights Reserved. You Can't Handle the Truth, or Can You?.
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About the author: Christine Donovan is a California Residential Real Estate Broker with experience in assisting clients buy and sell residential real estate.
Are you upside down in your home? Is it worth less than you owe? Are you concerned about making your mortgage payment? For more information see Options to Foreclosures, understanding short sales or contact me at christine@donovanblatt.com to discuss your options.
If you want to buy a home or to list your property for sale, please click Newport Beach homes, Costa Mesa homes, Huntington Beach homes or Orange County homes. Click the link if you are interested in buying a home at a courthouse auction sale.
Contact me at christine@donovanblatt.com or 714-319-9751 to learn about her system which will make your buying and selling experience easier.
Disclaimer: All information in this blog is deemed reliable but is subject to change at any time and is not guaranteed to be accurate nor are there any warantees either express or implied. This blog is not intended to offer any legal, tax or other advice.
Federal Government Disclaimer (MARS)
- You may stop doing business with us at any time. You may accept or reject the offer of mortgage assistance we obtain from your lender [or servicer]. If you reject or accept the offer, you do not have to pay us.
- Christine Donovan, DonovanBlatt and Donovan Group are not associated with the government, and our service is not approved by the government or your lender; and
- Even if you accept this offer and use our service, your lender may not agree to change your loan.
Click Orange County homes for sale to view all OC homes for sale.
