SELLING YOUR HOME

The current down turn in the market will probably continue for the next 18 months. The current price of your home in the Jacksonville, FL area has rolled back to its 2005 value. Foreclosures are on the rise and this trend will continue, at least for the next year or so. This creates stiff competition for seller owned existing properties. It is no longer sufficient to put a sign in the front yard and expect a contract within a week. Plan to have your home on the market for at least 6 months. Your home is worth more now than it will be 18 months from now. Therefore, if you are planning to move within the next 2 years, I advise you to get your home on the market now! For the greatest exposure it would be best to list with a Realtor.

Listing with a Realtor in the Jacksonville area gives you immediate exposure to approximately 6500 full time professionals that may be working with your buyer right now. Statistics prove that 70% of buyers come from a sales associates sphere of influence while the other 30% come from yard signs and advertising. Realtors have a greater internet presence at a time when 75% or more buyers are surfing the net prior to previewing homes. Newspaper ads are the least effective source of home buyers. It is more productive to implement target market advertising. This is a time consuming endeavor and requires a full time professional.

Be prepared to offer buyer incentives like help with the buyers closing cost and prepaids (normally approx. 4.5% of the purchase price). Also, it would be wise to offer a seller paid home warranty and get a home inspection prior to finding a buyer. This will give you a "heads up" on repairs that need to be completed prior to closing and it will give the buyer the confidence necessary to choose your home over a new home. Don't be surprised if after 30-45 days on the market the agent request that you lower the price or include additional incentives. The market is changing on a daily basis and your home must stay competitive in the market in order to get a sale.

Historically sales decline during the holiday season, usually from October to mid January. Homes that sale during this period normally yield 5% less than they would during the spring home buying season. However, most of the corporate relocations occur during this period. Corporations relocate their employees during this period because children have an extended vacation period from school and it is the end of the first semester. This allows the parents to preview the area they are moving to or make their move so the children can begin the new semester in their new school and home. If the family can be in their new home by Christmas it helps for the family to begin pleasant memories in their new surroundings.

In addition, if you are planning to purchase another home after your home sales, now is the time to buy. As long as you are planning to stay in your new home for at least 3-5 years, you will probably benefit from the increased equity of rising property values in the future. The real estate market is cyclical and what comes down generally goes back up over time. If you are willing to purchase a home that needs some updating like new carpet, paint and countertops, then your equity will build at a faster rate in most cases. Your Realtor is in the best position to recommend improvements to your prospective home that will yield you the greatest amount of return in the future.

If you are considering buying or selling in the future, please give me a call for a free initial consultation and competitive market analysis. Contact Brenda Gravitt at bkgravitt@comcast.net , phone 904-573-9638, or visit my website at www.myspace.com/bkgravitt