15 May Defend your South of the River Home’s Equity
Its a battlefield out there and Homeowners with Equity in their South of the River Home must take steps to defend it.
We are in a marketplace of extremes and Traditional Home Sellers are squeezed in the middle, competing with foreclosures and short sales on one hand and renovated homes on the other. Home sellers lose buyers to the foreclosures purely because of price. Adding insult to injury, those same foreclosure homes get renovated and return to the marketplace at a retail price, once again competing with Traditional Home Sellers, this time on condition.
Traditional Home Sellers find themselves stranded in the middle, not wanting to lower their asking price to compete with foreclosures and not able to update their entire home on a budget.
Defending your Equity is best accomplished by playing to both sides, kind of like a double agent. You will need to play both sides, pricing your home assertively to compete with the foreclosures and polishing your condition to compete with the renovations.
Traditional Homes priced more than 10% above a comparable foreclosure will lose the buyers to that foreclosure. Try to keep your price no more than 10% above foreclosures with features similar to your home.
Update your home as cost effectively as possible, see suggestions in my previous post titled 5 Ways to Update your home on a Budget.
Lastly, don’t hesitate to call or click the Invite me Over Button for quick walk through. I will be happy to provide customized suggestions, helping you bring out the best in your home.
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