How to sell smart in a tough housing market
It’s a tough market, so be prepared to work hard and be flexible
March 8 2009 - Selling a home in San Diego County is nothing like it was during the frenzy of the early 2000s. Back then, real estate was all the rage. You could list today, sell tomorrow and walk away with big, tax-free capital gains.
Today, all is changed. The buyers rule, and you have to think long and hard about whether you should sell your home. As San Diego real estate consultant Gary London says, “This is a market of have-to sellers, not want-to sellers. Anyone who puts a house on the market has to sell and anybody who wants to buy wants a bargain.”
With a majority of resale home transactions resulting from foreclosures or financial distress, only a small portion of properties on the market involve no duress. But their owners have to compete with low prices offered by banks and owners in default or dealing with life-changing issues like death, divorce and job relocation.
“Sellers are very distressed,” said Andy Nelson, president of La Jolla-based Willis-Allen Real Estate. “We have many sellers in our upper-end market that are just trying to say, ‘What can I do to try and sell my property?’ In many cases, you’re telling them they have to reduce their price by 20 to 30 percent over what their anticipated value was.”
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