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Elaine Abercrombie: Middle of the Market
My last column discussed how real estate is beginning to recover, although not everywhere yet. Whether you’re buying or selling, you need to be aware of local conditions, and adjust your strategy according to the value of your home.
We’ve already covered a couple tips for the least expensive homes on the market, and now we’ll look at the middle tier of properties.
While these listings are seeing more activity than luxury homes, demand is still soft compared with the often bargain “distressed” properties on the market.
Buyers are facing some difficulty in trading up, because their equity has taken a hit in the past few years. As a buyer, it’s best to list your home for sale and get it under contract before making an offer on the home you want.
When you’re ready, reason dictates that you’re safe offering 10 percent under the asking price in a still lukewarm market.
As a seller in the middle price range, you’ll need to make your listing stand out from the competition. Forget about incremental price drops and go for a big cut, which will draw the most attention. Or, offer incentives such as paying closing costs or a decorating allowance.
If the home you’re selling or want to buy is in the luxury range, you’ll want to read my next column for some tips in that market.
— Elaine Abercrombie, a broker with Abercrombie Fine Homes at Village Properties, is president of the Santa Barbara Association of Realtors. She can be contacted at .(JavaScript must be enabled to view this email address).
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