"When will my home's value return to what it was?
This is a common question I hear from my customers, potential customers, friends and family. Next they tell me how much it was worth (pick the highest point value from late 2005 through early 2007) and how they hope for a return to the former value. No doubt the financial crisis has been tough on everyone. To see a decline in the stock market and real estate values is difficult for us all.
When asked this question I encourage the person asking it to think about their situation in these terms. Do they know what the market value of their property is today? Many do not and assume the worst based upon what the read or hear. At this point it is helpful for these folks to meet with a Realtor and get a good understanding of what the market value of their home really is. Get the facts from a professional about what comparable homes in their area are currently selling for.
Then it's important to help them assess their motivation behind the question. Is there a clear need to sell due to a financial situation? Have their housing requirements changed? Is it a desire to get something new? Often they are simply curious or concerned, but there is no need for any action at all.
Helping them get the facts and then get to the heart of the matter can really save them some stress. Once they understand their existing situation and develop an action plan (if necessary) they regain some sense of control and feel better. They shift their thinking about where the market was, to a focus on navigating in the market as it exists today. They begin plotting the best course for themselves moving forward.
When the question is framed in this fashion most people do feel better that some of the uncertainity is removed and they have a plan to move forward that is best suited for them.Labels: home prices, real estate, sellers
