The past several years have been hard on homeowners.
Many people lost their homes during this time, and there are still many
foreclosures and bank-owned properties around.
If you are selling your home and there is a single
foreclosure in your neighborhood, it’s generally not a reason to worry.
However, if there are several foreclosures in the area, you may have an issue.
Living on the street with vacant homes all
around you can affect your property value and make selling your home difficult.
However, there are some things you can do to improve your chances of a quick
sale at a fair price.
When buyers see that there are foreclosures near
your house, they may be expecting a deal. That’s why pricing your home is very
important. You need to work with your realtor to make sure you price your home right
for the market. Too high, and you’ll scare off buyers. But if you price it
correctly, you are much more likely to attract interest.
Be sure that your home has good curb appeal,
and is spotless and is move-in ready on the inside. Foreclosures usually
require some work, and sometimes need thousands of dollars in repairs before
they are livable. Buyers will be attracted to a home that doesn’t require any work
to move in.
Keep in mind that if your street is full of
foreclosures and short sales, it can affect your appraised value. Resist the
urge to make expensive improvements to your home, trying to increase your
selling price. If you keep your improvements to a reasonable cost, you can
accept a lower price if necessary, and still make money.
Finally, be honest if there are vacant homes
in the neighborhood. Don’t try to hide anything from potential buyers. It will
make a good impression with buyers if you are open about the situation in
neighboring homes right from the start.
Selling your home in a neighborhood of
foreclosures and short sales can be a challenge. I’d be happy make suggestions
on how to best position your home for a quick sale at a fair price. Contact me today to set up an appointment for a consultation.
Patty Ross 831-236-4513
pattyre@comcast.net
www.pattyrosscarmel.com
Click here to listen to Patty discuss the latest trends in Northern California Real Estate including the communities of Carmel, Carmel by the Sea, Carmel Valley, Marina, Monterey, Pacific Grove, Pebble Beach and Seaside
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