Everyday I watch the new REO listings and post them to my Twitter account. I’m amazed at how much the number of REO listings are increasing.  This is not good news for those wanting or needing to sell their home.  However, if you must you need to do so soon while low interest rates are keeping the housing market fluid.  

If you are wanting to sell you are going to have to be priced competitively and your agent will need to stay ontop of competing (reducing) home prices atleast weekly, otherwise don’t sell right now.

If you are needing to sell, list your home competitively and expect you will need to reduce the sale price about $5k every 2-3 weeks until you find the price range that attracts home buyers. 

There are Real Estate Agents out there that will take an overpriced listing, and that is okay as long as the Realtor is also sharing with the seller that they are not likely to sell at that price.  What I frequently see is that a home is listed, the Realtor disappears for a month or two leaving the seller to think the home is priced right but the market’s just slow…  only to realize that while they have been waiting for the home to sell the market has passed them by and they can’t reduce enough in the price to catch up to it. Time is crucial.

Remember, Realtors are typically happy to take an overpriced listing as they hope and expect to get calls off the sign, in other words “pick up buyers”.   Bottom line? If you NEED to sell, stay ahead of the market, or atleast IN it; you do not want to fall behind it and that can happen quickly! -Kristie McD.

To see today’s foreclosures click here

Tags: Bank Owned, foreclosures, REO

This entry was posted on Tuesday, July 20th, 2010 at 11:03 am and is filed under Bank Owned, Listings, Portland Real Estate. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.