News Article From: 11-30-2006
The third article, Selling your home in slump? Don't panic, from MSNBC.com, reports that with home values dropping and home sales off, homeowners needing to sell are in an anxious state. December is typically the slowest month of the year for home buying activity, and agents are advising sellers that they could have to wait for several months to attract a qualified buyer. "The thing to do is not panic. It's just an adjustment," said Sid Davis, a Salt Lake City area Realtor and author of "A Survival Guide for Selling a Home". While market conditions have changed in the past year, homeowners' option's are the same: Prepare to sell or stay put. "Time is not your friend", said San Diego Realtor Bob Wilson. He says many buyers are staying out of the market in hopes that prices will dip further. This is also not the time to start out with an ambitious asking price "just to see" whether buyers will bite. They won't. A home has the greatest chance of selling during the first 30 days on the market, Wilson says, so price competitively from the start. The article states that if you have the time to wait, the market will come back based on historical data. The new home glut has declined and there is a good chance that fewer homes will be coming on the market to compete with existing listings.