A recent article in the Grand Rapids Press highlights the challenges of selling a home in the present market, just in time for the start of the spring real estate season. On the plus side, the story reports that inventory remains at 2005 levels, meaning sellers are in better shape than they would be if the market were flooded with homes for sale. On the other hand, the phenomenon of pent-up foreclosures that were stalled in coming to market after the recent freeze on foreclosures will have an impact once those foreclosures hit the market. Cheryl Grant advises serious sellers to list their properties while inventory is low, but to keep their eyes wide open in terms of expectations. A good place to start is to read the story “Realtors want West Michigan Home Sellers to Be Realistic, Especially About Price.” The story opens by comparing the process to the five stages of grief:
“Trying to sell a house in today’s market is a lot like going through the five stages of grief.Most people start with denial by pricing their home too high. They become angry when their home lingers and their real estate agent says they need to lower the asking price. They bargain with their agent, trying to convince them of the home’s worth. They fall into a depression as they realize their home will never sell for that price. Finally, they move on to acceptance. They lower the price and sink in a few more dollars to get an edge over the competition. And the home eventually sells.”
Read the rest of the story at Mlive.com
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