Your Real Estate Strategy for 2010
If you’re a Seller this year, here is your Real Estate Strategy for 2010. If you’re buying, congratulations! This year will probably be the single most attractive time to purchase property in the last 30 years. Rates are low, prices have come way down and inventory is plentiful. So, get your Trulia iPhone App downloaded and get out there!
Sellers, you have three homework assignments, ignore at your own peril. Seriously, take this advise or forever kiss your equity goodbye.
Assignment#1: Get it Staged – De-clutter, accessorize and accent! This is your biggest financial asset - make it look good.
Assignment#2: Get it Appraised – It makes a great bargaining chip in negotiations with buyers! And a powerful addition to your marketing.
Assignment # 3: Get it Inspected- Not getting your home inspected yourself; prior to putting it on the market is the biggest mistakes Seller’s make. A good Home Inspector runs about $300, and it’s much smarter than giving up $2500 to a buyer during negotiations.
Overall, 2010 is shaping up to potentially be a decent year. We expect growth in the economy as a whole of about 2-3% for this year. Unemployment should stabilize around 9-10% national and should not top 7% in Virginia. (Virginia is one of the bright spots believe it or not) Also, inflation has been fairly tame. In the housing sector, homes ARE selling and prices are stabilizing, but there is still roughly 11-12 months supply of inventory in the Richmond market, so by definition it is a buyer’s market (7-12 months supply).
Good luck out there!
——-Carter Snipes is the Principal Broker of Snipes Properties, a full service real estate firm specializing in Residential Sales, Property Management and Investment Brokerage. He and his wife and daughter live in and own rental property in the Museum District.
