The signals are out there: Home sales are picking up, and prices are slowly ascending. But recovery isn’t obvious everywhere yet.
Most markets are still seeing the lower-priced homes selling fastest, while midrange homes are taking longer, and upper-end properties — when priced well for our market — are selling a bit slower.
Whether buying or selling, your best strategy in this dynamic marketplace depends on three things: price, location and condition.
The most important of these is price. If the price doesn’t represent a good value to the buyer, your home may be passed over and languish on the market even though the location and condition are very good.
Most of the 2 million recent foreclosures have made up the bulk of the least expensive homes on the market.
Bargain prices and a federal tax credit have lured investors and first-time buyers into the fray, increasing sales of $100,000 to $250,000 homes by 9 percent over the last year across the country.
Our area has a very low inventory of starter homes, and buyers should act quickly and submit their offer with due haste. If your offer isn’t accepted, keep checking back, because transactions fall through.
While it’s hard to compete against foreclosures in the pricing category, they’re often in dire need of repairs. Sellers can increase their odds of success by offering their home in “model condition” at a fair price.
Whether you’re a buyer or a seller, watch this space for more advice on making your next sale or purchase work.
— Elaine Abercrombie, a broker with Village Properties Realtors, is president of the Santa Barbara Association of Realtors. She can be contacted at elaine@villagesite.com.