Sign of the Times

I get this question over and over again all the time. How is the Real Estate Market?
Well, that has a complicated answer. I have to say it all depends if you are a Seller or a Buyer! If you are a Seller...I'd have to say, "It could be better!" If you are a Buyer...I'd have to say "AWESOME!"

It's very difficult for me to utter even a sprinkle of negativity to anyone. But my job as a true professional is to be brutally honest, ethical and direct. Sellers need to get real! What happened or sold in your neigborhood years ago...does not apply. Even if your neighbor sold within the last 6 months...you better hold your breath! The reason I say this is because of the appraisal.

More than likely, a buyer who purchases your home, will need a mortgage. Let's face it...the bank is bringing all the bucks to the table! They want to make sure there is value! The mortgage company will send out an appraiser to do an appraisal on the property. He/She will use recents comps that sold in the neighborhood within the last 3 months! If there are no comps, the appraiser will err on caution. It's that simple. An appraisers job is more and more difficult because they are being held accountable.

I find this to be a double edged sword. If we want to get out of this housing market slump, then we need the help of appraisers to give value to our listings! If they continue to err on caution, it will be a long time for recovery.

As a listing agent, I need to find at least two comps...RECENT comps...to list a home for marketvalue. My job is to continue to watch what sells and lists during the listing and share that information with my clients. It can be a harsh reality but it's the sign of the times!

However, on a positive and much brighter note, it's a awesome time to buy! With interests rates so low and a ton of inventory, Buyers need to take advantage! You will get a deal...no matter what! And it will be your investment of a lifetime! You WILL make a boat load of a money over time! That is our reality as well!

I actually wish my kids were of age to buy! I'd have them scooping up every blessed piece of real estate out there! Talk about Warren Buffet! Our kids today have the potential to be just like him!

If your home is priced right...it will sell. No doubt! The buyers are out there. They too need to get real of thier expectations and it's our job as a Real Estate Professional to share the news and educate our clients!
It's the time to buy! Take advantage and improve your quality of life! You want to get rich??? Buy a house!

Any questions...feel free to give me an email at MariaLOrr@aol.com or call me at 610-639-3872. Thanks!

Maria Orr, ABR, Realtor
Prudential Fox and Roach
Newtown Square, Pa