Why Sell in this Market?

As a real estate broker I get the following same question asked at nearly every social function I go to these days. “Why would anyone want to sell their home in this market?”

Good question. There are three groups of sellers who have their properties on the market right now.

The first is one who has a large amount of equity in their home. They have identified a larger home, smaller home, waterfront, waterview, better location or whatever the reason, they want to move. Based on their equity position, they price the property right and sell it. 

The second seller is the homeowner who is in trouble and needs to sell. Let’s face it, the recession has claimed it’s victims and once you lose your job, your savings dwindle and you can’t make a mortgage payment, the options slim down. As loan modification is being worked on, some homeowner just want out. In most cases these days, the home is worth less than what the seller paid. Some sellers are facing foreclosure and are motivated to work a short sale or entertain any realistic offer. This is where the true opportunity is in today’s marketplace. 

The third seller is usually someone who just puts the house on the market in hopes of selling at an inflated, unrealistic list price. These homes practically never sell and become stale. You’ve seen them.

Ultimately, a seller sells when they need to. Whether it is financial, spiritual or life circumstances when a homeowner is ready to leave, the "for sale" sign goes up.