If there was ever a saying that we, as Realtors, need to get across to potential sellers it is that one. Too many seem to be frozen by the wait for just the right time. For a long while it was waiting until the value decline stopped. Well, it has stopped in most areas and values are now inching back up. So, now, too many are waiting for the value to come back to where it was. That will be a long wait – at least a decade or more in most areas.
We Realtors tend to think that people aren’t listing because they are underwater on their mortgages. Many would-be seller aren’t underwater at all; they just can’t let go of the “value” that they thought they had at the peak of the market. So my advice is “Let it go.” You need to get real and let go of the mental picture that you are clinging to of the value of the place at the peak of the real estate bubble. Your house has lost 25-40% (depending upon the area) of its peak value. It is what it is today. Right now there are buyers out looking. If you’ve been sitting on the sidelines waiting for things to be just right, this is as close as it’s going to get in quite a while. Take to heat the message of Napoleon Hill – “The time will never be just right.”
In fact, the time is as right as it can get, right now in many areas. The foreclosure inventory has been depleted in many market areas, with fewer new foreclosures happening currently. We have flipped over to a seller’s market here in my area, with too many buyers chasing too few listed homes. Multiple offers and offers above asking price are the norm now. Sellers are selling faster and getting market price for their homes right now; they just won’t get 2006 market price. So, if you’ve been delaying your plans to make that retirement move or that move to downsize your life, now is the time to take action. Call your local Realtor and explore the market value of your home with him/her. The time is right to take action.