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:
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For househunters, a down cycle might produce your best buying opportunity in a decade.
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However, many sellers you’ll meet will be in denial about pricing.
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They’ll refuse to believe that they can’t get what their neighbor received last spring for a less-attractive house across the street.
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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:
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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.
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Don’t automatically assume the worst.
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Even in a broad down cycle, counter-currents will help some properties.
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For instance, a relatively modest house might attract more potential buyers than you’d expect.
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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.
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On the other hand, many markets might face a glut of moderately priced condos beginning next year.
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If you absolutely have to sell such a unit in 2006, you might have to take a bath on it.
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You might do better to keep the condo off the market for a few years, renting it out instead. via The Boston Herald
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