Buyers should find the market enticing
“It can be frustrating when prospective buyers are unaware of the importance of good credit and how poor credit can impact their ability to buy a home” said Julia Foard Lynch of Long & Foster. Checking your credit and addressing any problems will help to improve your credit score, which will improve your interest rates and availability of different mortgage programs.
Lynch also said that overcoming negative media has been a battle. There are still many loan programs available to everyone from the seasoned investor to the first-time home buyer, she said.
“Making sure that people understand that homes are still selling unless there is a problem with the home or a price issue or both,” is a challenge that John Coles with Thomas & Talbot Real Estate works to overcome.
He looks to list homes for clients that have a realistic understanding of today’s market. Making a small investment to improve or freshen up your home can go a long way towards standing out in the crowd, he said.
Michelle Perkins of ReMax Regency said that one of her greatest challenges is “getting would-be buyers off the fence.”
She is communicating with a flood of buyers waiting to come into the market. With historically low interest rates and the ability to choose and negotiate, it is a perfect buyers market, she said.
Patti Brown of Long & Foster tries to convince her clients that Internet exposure is key to reaching prospective buyers.
She works to keep her listing clients encouraged but says “not being able to make it happen quickly enough, when your client is in dire straights” is very trying, but the right buyer is out there.
Plan your sale and put the house on the market with enough time to accomplish your goal, she advises. Consider reevaluating your sales price with your agent and decide if you should lower the price for a quick sale.
The influx of foreclosures and short sales has added another hurdle to today’s real estate market.
“Most customers don’t understand the process you have to go through if you write a contract on one of these” said Joyce Carter of ReMax Regency. “Not only is it a challenge to educate the buyer, but negotiating with the bank can be a long process.”
It’s important to work with an agent to assist in this complicated transaction, and a little patience and flexibility could pay off with a great deal on a home.
All five realtors agreed that finding motivated buyers or sellers is more difficult in today’s market.
Overall, these seasoned professionals are confident that it is still a great time to buy a home.
If you market wisely and price your home realistically, they said, it will sell.
Rhoda Rahn is a mortgage loan officer with SunTrust Mortgage in Manassas.