Selling a home today is hard enough. Just look at the national housing figures for the number of homes currently on the market for sale. Adding to the problem, the ongoing recession and economic woes of the country have caused a sharp downturn in the price of housing in most of the country.
This causes an added burden for those families that need to sell their home, but just don’t have the equity any longer or spare funds to pay Realtor fees, even reduced fees. How are they going to compete?
Although there are many factors involved in selling a home, there are two things, the typical for-sale-by-owner should focus on first, to put them on the right track.
First, they need to consider the price of their home. Most home owners will tell you that they need to get (x) number of dollars for their home. And that sticking point can often be the deal killer. The real estate market that is moving, doesn’t base sales price by what you owe, only by what the market is willing to pay for a house like yours.
This can be a hard pill to swallow for most home sellers, let alone those trying to do it themselves. But a home overpriced can sit on the market for an extended period and never even get a serious look. As a matter of fact, if there are other homes for sale in the neighborhood that are priced competitively, the overpriced home can make them look that much better.
The for-sale-by-owner needs to put their ego aside and do some serious research on homes for sale in their area and come up with a competitive price. You need home-buying traffic to produce sales. And most traffic is shopping price first.
Next, take a serious look at your home. You might even want to bring someone else in on this as a second set of eyes. Here’s the simple question to ask. “What needs repair or painting?” Now don’t start making excuses about what you see. What you’re trying to do is look at your home as someone else, who doesn’t know your home, will see it.
If something needs repair, repair it! If the home needs a washing, wash it! If your home could use a fresh coat of paint consider doing it or having it done. This gives prospective buyers a positive impression about your home and can-and actually has, sealed the deal on many home sales.
Keep in mind, repair and maintenance are not the same as staging. We’ll cover staging in another post.
There are two excellent reasons to consider buying your next home in the Houma-Thibodaux Louisiana area. Economic conditions and present low interest rates are making this area very attractive to home buyers and investors alike.
While the rest of the country is stilling feeling the effects of recession, and now faced with a double dip recession, there are some areas of the country experiencing growth in spite of economic turmoil.
Take Louisiana for example and the Houma-Thibodaux area in particular. While the country is facing unemployment figures above 9%, Louisiana’s unemployment rate is just above 7%. And the Houma-Thibodaux area is slightly above 5%.
People are finding jobs and the work appears to be steady and growing. Even in spite of the Federal Government’s stranglehold on offshore oil and gas, the industry is finding new ways to grow, and creating new jobs as a result.
Now couple that with some of the lowest interest rates in modern history and you have a buying bonanza. Most 30 year fixed rates are in the 3to 4% range. ARM’s are in the low 3% range. But that’s not the only mortgage money available. There are many other mortgage incentives to help home buyers. There are still loans in the area that offer no money down and low thirty year fixed rate mortgages.
With all of these variables in place the next thing you would expect to see are prices starting to increase. Fortunately, prices have been stable in the area. At least for now! However, if you are interested in either buying a home or investment property, now just might be the best time to go through with those plans and take advantages of some very low interest rates.
The state of the economy, the non-governing government, and world unrest have many waiting on the sidelines wondering when is going to be the right time to buy a house in Houma, LA. The events and news of the day have people hesitant about what to do next.
The news seems crammed with only the bad news. But in reality, this is not the case. For instance, in a recent article appearing in the South Louisiana Economic Council’s online newsletter, Louisiana’s Bayou Region, Fuel Fix reported a recent study commissioned by API and NOIA, prepared by Quest Offshore, indicates 190,000 jobs could be created over the next 2 years if the pace of offshore drilling in the Gulf picks up and returns to pre-spill levels. Also in the same newsletter Baker and Hughes is projecting a better second half in 2011 for the Gulf of Mexico.
So how do these economic forecasts affect the price of houses in the Houma, LA area?