I do talk to people wanting to sell their home all the time and the biggest thing I can stress is if you don’t have to sell, don’t. Sometimes you don’t have a choice but your home isn’t worth what it might have been a few years ago and you’ll end up regretting it. I’ve seen homes going $20,000 or $30,000 under what they wanted and it’s because of today’s market.

Here’s an interesting article I saw on the same topic.. some of their last points are a little absurd.

6 reasons your house won’t sell

Remodeling.com Cost vs. Value Report

Even local taxes are on the table these days, according to Adele Hrovat, the owner of The Buyer’s Realty of Las Vegas. She got the bank that was selling a four-bedroom, three-bath, house to pay an $11,000 tax assessment on top of $6,000 in closing costs. And that was after the price was slashed from $489,900 to $399,000.

Reading that paragraph, I can’t believe what I’m reading. Banks are notorious for being extremely difficult to deal, especially when it comes to negotiating (or lack there of). They have the home appraised and that’s what they are going to sell it for, no matter what. But looking at that banks desire to unload the home sort of blasts you in the face.

I always write in closing costs to be paid by the seller and hopefully, if I word it correctly, we can squeeze even just a few more fees in and save my clients some money. Every agent and person thinking of buying a home is probably adding up different ways to squeeze a little more out of a seller. I’m not sure how much longer this will last but I can bet that anyone thinking of selling their home is counting the days.

Homebuyers Turn Screws On Sellers

On another note I thought I would start posting again starting with home sales statistics. That’s what everyone is interested in isn’t it? How our market is doing? Beginning with April you can see a decrees in the number of homes listed which is a great thing. Our market hasn’t lost nearly as much money as others but we are still over saturated and this might be a sign of times changing.

I’ll be adding the most recent Statistics for Columbus later this week but for now April is it.

Reading this I am thinking a few different things. First and foremost, the housing market is like a barometer for the economy. If people are buying and selling property and making money in the process, they then spend cash on extra items fueling our economy. I am hoping it doesn’t take the rest of this year for a full reset but I guess better late than never.

My second thought with all the news is the amount of unprofessional Real Estate agents and Lenders who will be leaving our business. Buying anything which a costs as much as real estate deserves a pro. It shouldn’t be handled by someone who does this part time or is just trying to make a buck. I consider my job not only to be a Real Estate agent but a counselor. I explain to clients all the up and downs of buying. As I have been taught, I act as the devils advocate.

One thing seems certain though. It’s a great time for people to buy and according to “experts” we have another year of a slow economy.

If you’re curious, here’s a link to the article mentioned above.

Study: Expect home sales improvement soon

Twenty years ago I highly doubt the average homeowner, who was behind on their payments, would have ever thought of calling their lender. What you may not even realize, and I didn’t, is the bank stands to lose more money in a foreclosure than helping you work through the issue. So a word to the wise, if your behind on payments or you have a situation where you just might lose your home, call the bank they might end up being the good guys.

I wonder if banks were always as willing to help with issues concerning their loans or something new in the past few years? Also does anyone know any figures for what the average foreclosure costs a bank?

What to Do if You Can’t Pay Your Mortgage

WASHINGTON (MarketWatch) — Question: What do I do when I owe a $450,000 first mortgage, a second at $115,000 and new houses the same as mine are selling for $500,000? I owe two months on the first and two months on the second, and I cannot pay. What do I do?

Answer: Your situation, and that of thousands of other folks like you, is serious. You are, indeed, in dire straights. You are “under water” by $65,000, not including your selling costs. And you’ll probably have to take less than $500,000 to sell quickly or beat the competition.

But all hope is not lost, at least not yet.

You should contact your lenders right away. If you are like most folks, you aren’t answering the lenders’ mail or returning their phone calls. Most think they don’t need to speak with their lenders about their situations, or think they can take care of their problems, if they recognize them as such, without involving the lender.