Selling Your Home Amidst Georgia Foreclosures

Thinking about selling your home in Georgia?

Let me tell you...it's a different world!

Due to the large amount of foreclosures we have experienced, it has been a struggle at times determining property values.

These days it isn't uncommon to hold your breath during the appraisal process, and also say a couple of prayers at the same time. Are you like many Georgia homeowners?

...realizing that now you owe more than your home is worth, or being "underwater" in your mortgage.

It's not your fault....you've paid your payments on time, and most likely got a "great deal" on the home when you bought it. You might have even put a decent down payment down.

It's just how the real estate market is in some areas of Georgia these days.

In a future blog post I will share what your options are if you are in this exact situation, but today I'm speaking just to those that are thinking about selling in this market (without being underwater).

The first step is to contact a qualified real estate agent that can do a market analysis for your neighborhood or a "CMA". You might be in an area where the values haven't taken a hit! Or not as bad as you think.

You'll want to know what other homes have sold for nearby. Have there been many Foreclosures? Short Sales? What is currently listed?

This information is a MUST in this market.

Unfortunately it is not going to matter what you paid for your home, or what you feel like you "have to have". The reality in real estate is this...the market value is always determined by what a buyer is WILLING to pay.

If you want to sell now, you HAVE to stand out! No if, ands, or butts about it!

As I show property, the majority of buyers are still looking for the same. A nice house at a really nice price. There are some that are only looking for "fixer upper properties", but they are those that have cash in their pocket for repairs. Most first time home buyers do not fit into this category.

The next category of buyers are those that are "moving up". Most feel that they have already "been there, done that" and are not looking for repairs to do. They just want to move in.

So if you make the choice to list your home, make sure that you have it

CLEAN,

DE-CLUTTERED,

and REPAIRS DONE!


No buyer is going to give a second thought on a house that is a re-sale and needs work in today's market. If they want to play "handyman" then they would be looking at HUD properties and foreclosures. Goodness knows there's enough of those out there to look at!

I'll be honest with you though....there are some REALLY nice houses out here listed. The landscaping is perfect, carpet never looks like it's been stepped on, and even the faucet's are shining...but they are not selling. Why? why? why?

PRICE.

That's it. PRICE. To sell today, you have to be VERY competitively priced. Start with a good price from the beginning. The first few weeks of a listing are critical times.

It's Head & Shoulders time.

You only have one chance to make a first impression. Period.

Ofcourse it's okay to have a little negotiating room, but nothing extreme. A qualified Georgia real estate agent can do the research to help you in your pricing. Make sure when you are figuring out your net that you include items such as real estate commission, buyer's closing costs, and a home warranty.

No, you do not HAVE to pay a buyer's closing costs or a home warranty, but trust me most buyers will ask and even expect it. It's always interesting to me that in different parts of the country and even parts of Georgia, who pays closing costs is viewed so differently.

Out in our neck of the woods, namely Fayette County, Henry County, Pike County, Coweta County, the buyers are going to try their best to get the seller to pay for it.

They know that when they are looking at foreclosure properties that the banks will typically pay 3% towards the buyer's closing costs. When I've represented buyers in the past, I've often been able to get the banks to pay 4 & even 5% towards a buyer's closing costs and pre-paids.


As a seller in today's market, your biggest asset will be your PATIENCE. The last two homes I have sold (representing the buyer) have been re-sales (not foreclosures).

Interestingly enough, both homes had been on the market for well over a year and a half.


So if you are sitting there and your house isn't selling, and you know the price is RIGHT, and you know you've got it looking the best it can look...


There's only one thing you can do today...RELAX.

Sooner or later the right person will show up. I've seen it happen so many times. :)

Happy Home Selling!

Look for my future blog posts on what to do if you MUST sell or if you need help with an increasing payment.

Heather Coley is a licensed real estate agent with Meridian Realty~Saylor & Associates in Fayetteville, Georgia. Office number 770-719-9150.
Heather can be directly contacted at 770-527-2594 or Heather@HeatherColey.net.