In this current market buyers believe they own it. A large part of that mentality is the perception the residential real estate market in Temecula Valley is made up of predominantly distressed properties. Most homes on the market today are short sales. The home owner is either in pre-foreclosure, or foreclosure is imminent. A small percentage of homes on the market are bank-owned, or what is known as REOs (real estate owned). In 2011, the Temecula Valley market is also seeing a fair share of standard, or equity, sales.
What does this mean for the home owner who has equity and needs to sell?
First, any home will sell if priced according to market value. Agents, or brokers, do not set prices; the market sets prices. Determining a list price to sell is crucial. A REALTOR® with local, market experience, access to the multiple listing service (MLS) and county tax records, can research the market for sold homes to determine a fair market price for your home.
Second to price is condition. Performing a home inspection prior to listing your home for sale is highly recommended. The home inspection will show if there are any hidden repairs that might need to be made prior to marketing your home and will help to determine price. Also, and perhaps the most beneficial, providing a home inspection to potential buyers demonstrates your willingness to transparency and builds trust with the buyer and the buyer’s agent.
No Home is 100% Perfect
A seller who is open, honest and transparent about their home’s shortcomings with a potential buyer will most likely sell their home without added stress, wasted time, and re-negotiations later down the road.