By Jim Smith
The first two months of 2011 have shown a marked increase in residential real estate sales to-date compared with the same time period a year ago. Number of Sales is up from 25 to 30 for a 20% increase. Sales Volume was up by 23% and the average price on a house was up by 3% overall. This is all good news to both Sellers and Buyers, showing a recovering real estate market where Buyers can be confident in the fact that now is a good time to buy. Sellers however need to be careful not to read too much into these numbers. We are still a long ways from a normal real estate market, let alone a Seller’s Market. It will remain a Buyer’s Market for some time in the future.
Advice to Buyers; have a Realtor help you look for the best deals. If you are a cash Buyer, you will have an advantage. However, when buying REO (Bank Owned) property, just know that you will be buying the property “as is”. Banks will rarely fix anything. Have an Inspection of the Property and know exactly what you are buying. Also, be aware that Banks will only give you a Special Warranty Deed, not a General Warranty Deed. The Title Insurance is also at times, less appealing. These are some of the disadvantages or buying REO property. However, the advantage is usually in the price. Some Bank Owned Properties are going for half to two-thirds of what they were once listed for.
Advice to Sellers; believe your Realtor when he/she suggests adjusting your asking price when they show you the Comparative Market Analysis (CMA). Good Realtors will know the market and can help you get the best deal you can. Be patient, it may take awhile for your property to sell. Make your property really look good. Curb appeal is very important. Clean out any clutter. Seriously consider every offer.
Jim Smith Realty has a lot of seasoned agents that can do a great job for Buyers and Sellers. We work as Transaction Brokers for several reasons, one is that we want to act impartially which we believe helps us to put more transactions together. Some agents acting on behalf of a Seller or a Buyer can cause a defensiveness on the part of the other party that is unproductive.
Jim Smith Realty has closed more transactions than any other company every year for the past 20 years. We know how to get the job done and done right.