If you're new here, you may want to subscribe to my RSS feed. Thanks for visiting!

It is easy to be  a genius in a strong real estate market. As we watch the market slow down, there are some tricks to remember learned from past slowdowns, as to told by the Boston Herald.

For Buyers:

• For househunters, a down cycle might produce your best buying opportunity in a decade.
• However, many sellers you’ll meet will be in denial about pricing.
• They’ll refuse to believe that they can’t get what their neighbor received last spring for a less-attractive house across the street.
• Walk away from everything but the most soberly priced deals.

After all, you can’t know for sure when the current housing cycle will hit bottom.

For Sellers:

• If you plan to sell a home next year, you’ll need to figure out precisely where your property sits in its own little sub-segment of the market.
• Don’t automatically assume the worst.
• Even in a broad down cycle, counter-currents will help some properties.
• For instance, a relatively modest house might attract more potential buyers than you’d expect.
• That’s because house hunters who’d normally prefer a bigger, better-located place might find themselves priced out of those properties by higher mortgage rates.
• On the other hand, many markets might face a glut of moderately priced condos beginning next year.
• If you absolutely have to sell such a unit in 2006, you might have to take a bath on it.
• You might do better to keep the condo off the market for a few years, renting it out instead.  via The Boston Herald

Related posts:

1. Are Sellers Finally Understanding What It Takes To Sell A Home in 2009
2. $15,000 Home Buyers Tax Credit Smoke And Mirrors
3. 1 in 3 Buyers Now Come From The Internet
4. Toll Brothers Sees Buyers Coming Back, Albeit Slowly
5. Where Are The Home Buyers?