Is Your Realtor Educating You On The Market?

Today we all wish we had a crystal ball that will allow us to forsee what the near future holds for home prices and mortgage rates. However; the reality is that noone can predict what will happen or not in this market right now. For every article out there that says prices are goign to get worse there is one that says we have hti bottom and are climbing upwards. For all thsoe that said interest rates would never be this low; we have interest rates around 4% for a 30 year fixed rate right now. So, is your realtor educating you in regards to the current market out there?

We can not predict what the future will hold. But, we can tell you the current trend that is happening right now in regards to your community and area. For sellers, it may be letting them know this is what the comparable homes in the area have done in the past 30 days. This is what has sold and what has come off the market. These are the average days on the market. Here is how your home compares to the statistics from last month. Do you need to adjust your price?
Does the home need soem sprucing with the colder weather approaching? Without giving this information to our sellers they cannot make a sound reasonable descsion when they do receive an offer on a home.

What if you had your home on the market for 90 days. When you first put it on the market it was priced cometitively to the other homes in the area. However; the market all of sudden received more comparable homes like yours and the prices were lower. Now, your realtor does not tell you this and you receive what you feel is a low offer. Thus you are upset and refuse to negotiate witht eh buyer on the house. When in reality that number may have been the right number to start at for your house and you were slightly over priced for the market and the current trends. Are you making an educated descsion?

For buyers, it is easy as letting them know the trends that are occuring in regards to prices in a neighborhood they are considering putting an offer in. Average days on the market and price sold of comparable homes. The trend over the past few months. Is it going up or down? Stable? These are all factors that a buyer needs to know in regards to making a fair sound educated offer. but are we giving our buyers this information?

How are mortgage rates right now? Is there down payment assisitance availble for you to purchase that house? Is there an HOA? What restrictions does it have? What are the dues and what do you receive for those dues? All questions that need an answer for a buyer to make an educated descsion. Does this house qualify fro USDA 100% financing ro are you a veteran entitled to a VA loan? these are questions that a buyer may not know to ask.

If your Realtor is not educating you; then who is?

Dave diCecco
Realtor/Broker
www.davedicecco.com