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Relocating and Buying in a New Area

Despite all the doom and gloom projected by much of the press, the housing market in our area is still active. However buying or selling a property is not a “piece of cake”, so here are our key strategies for those who want to make a housing move in ‘08.

For Sellers:

Understand what “market value” means. It’s not what your friend sold his house for two years ago or even two months ago. It’s not the value your latest tax assessment was based on or what an appraiser said the house was worth a year ago. It is exactly what someone is willing to pay for your house today. Hence, price realistically and consider incentives. “There’s nothing wrong with a home that the right price can’t fix.” Your Acton Real Estate agent is the best person to advise you on the current market value of your home.

Don’t be an as-is seller. That is, unless you absolutely have to be one. Potential home buyers aren’t looking for fixer-uppers in the current market unless they are rock-bottom, bargain-basement priced. Again your Acton Real Estate agent can give you advice on what work needs to be done!

Know your market’s nuances. No two markets are exactly alike. But there are always counter currents to consider. In many areas, modestly priced homes have bigger buying pools because tighter mortgage qualifications are keeping buyers out of more expensive homes. A little research and a savvy Acton Real Estate agent can give you an edge and an education.

Think “outside the box.” Difficult markets call for some different thinking! - Become a landlord. Consider renting out your home for a sum that covers your house payments, insurance, taxes and maintenance costs. Here at Acton Real Estate we can offer you a complete rental management service that finds, rents and then manages the renters for you!

Simplify and neutralize. In this current competitive environment, you already know to focus on curb appeal. That is, add fresh landscaping and tidy the yard. De-clutter the house by removing family photos and heirlooms or other items you don’t need or use on a

daily basis. But let’s take it a step further. Paint your rooms neutral colors. Hire a redesign or home-staging firm (your Acton Real estate agent can help you select one), to advise you on how to present your home in optimal condition and give potential buyers a chance to envision their possibilities there.

Have a pre-sale inspection done. This will prevent any surprises a buyers inspection may reveal and allow you time to make repairs. Consider providing a copy of the report to buyers, attaching a list of the fixes you made.

Here are our tips for buyers.

Work with a Buyer’s Agent. Having an experienced real estate agent working exclusively for you provides you with the best possible advice for your situation.

Negotiate, negotiate. There is a great selection of homes on the market. Yet there are fewer prospective buyers with whom to compete, and considerably more room for after-the-purchase value appreciation than a few years ago. Sellers are fixing up their places like never before in hopes one serious buyer will come along. Your chance to pick up a quality home at a realistic price may never be better than the present. Work with your Acton Real Estate agent to put together a market value offer and you might just be surprised at the sellers positive reaction.

Think local. All real estate is local. Work with your Acton Real Estate agent to examine recent sales prices of local comparable properties and compare them to the original asking prices. This will give you the clearest picture of what sellers are really willing to accept for their homes in the selected neighborhood and can help you determine what the right market value offer should be.

Don’t bank on further market drops. If you have the means, pounce on that oh-so-sweet deal. This down cycle appears to be at or near the bottom in our area.

Keep resale potential in mind. The old mantra of Location, Location, Location is still true today. Let your Acton Real Estate agent help you identify possible choice areas.

Look beyond cosmetics. A tired-looking house in a great area may be a much better bargain in the overall scheme of things than a sprightly, higher-priced home in the same area. Yet many of these slightly worn homes are getting roundly ignored. There are some diamonds in the rough out there now!

Consider the off-peak sale season. Yes, there’ll still be bargains aplenty come the prime spring and summer selling season and plenty of inventory to peruse. But the current winter market can be the time of especially acute seller discontent. Sellers may be more motivated to take your offer then — especially if it’s the only one they get!

Include contingencies. When writing your offer, give yourself some protection against the unexpected, by including certain contingencies such as the home appraising at or above your offer price, passing your home inspection and on you obtaining financing. Work in as much legal wiggle-room as you can so you’ll be able to back out without risking your earnest money should things go sour. Be reasonable though, too many escape clauses and the seller may not consider your offer serious and reject it!

Remember here at Acton Real Estate we are committed to providing you with the best, independent advice that is right for your situation. So if you are considering making a move in 2008 — call us!

Article taken from this month's Acton Real Estate Newsletter. If you would like to have local market news and information delivered directly to your inbox every month then please sign up for The Acton Real Estate Newsletter – Just click on the button, fill out the form and you will receive future issues – what could be easier!