Nevada Real Estate >> Las Vegas Real Estate Specialist: Lisa Udy Logan Utah Realtor ( Platinum Real Estate Group)

Original Source: Why Short Sales Fail And How To Avoid Short Sale Denial

Short sales are complicated, time consuming, and stressful to all parties involved. Depending on the bank you’re dealing with, it could take up to a year for a final approval on a short sale.

The fact that it takes so long makes it that much more difficult to find a buyer who is willing to wait months before they know if they can even buy the home.

In 2009, it was believed that only 20% of short sales were approved and finalized. That stat tells you, getting a short sale approved is not easy for anyone, let alone someone who is inexperienced. Plain and simple, many short sales fail to be finalized, and here are the common reasons why.

Why Short Sales Fail And How You Can Avoid Short Sale Denial

Incomplete Or Fraudulent Short Sale Package – A short sale package is submitted to the lender when you receive an offer and accept it. The short sale package must be complete with everything the bank requires.

If it is not complete, it could delay the process. Many of the lenders out there won’t even call and tell you what’s missing. They will set the package aside and it will be handled later when they have the time, which will end up delaying the process, and you could end up in foreclosure because of it.

All information in your short sale package better be true or you can kiss your short sale approval goodbye. One example would be to lie about your financial situation. Hiding money in different accounts, pulling out cash to hide it from the bank, or giving money to relatives to hold onto during the short sale could end up costing you big time. Banks do not have to approve your short sale. If they find out you’re not telling the whole truth, you will be denied.

Short Sale Package Not Submitted Properly – All lenders are different and they each have their own protocols when dealing with short sales. Your agent must submit the package exactly how your lender requires it.

If they want it faxed, it better be faxed. If they want it scanned and emailed, it better be emailed. If they want 10 copies, they better get 10 copies! How a short sale package is submitted isn’t you or your agents decision. It’s the lenders, and it better be followed to the T!

Offer Too Low – It is the job of your agent and you to secure the best possible offer on your property when submitting it to the bank. Each lender has their own formula for accepting offers, but one thing they all agree on is getting the most money possible.

It is the job of your short sale agent to give you an accurate analysis of the market and the value of your property. It is their job to counsel you to counter any offer to establish the best price and terms possible prior to accepting it.

Buyer Not Financially Strong Enough – Lenders want to see contracts that have a strong chance of closing. A pre-qualified buyer is not as strong as a pre-approved buyer. It is your agents duty to follow up with the buyers lender, or even better, you may want to have a lender you trust qualify the buyer as well.

If it’s a cash buyer, you will need proof of funds and proof of the ability of the buyer to access those funds in the time needed to close.  Any contingency in the contract could end up costing you the deal. It is best to remove as many contingencies during contract negotiations as possible before submitting to the bank.

Buyer Backs Out – This is probably the number one reason short sales fail. Buyers get tired of waiting, or they find a better house and back out of the deal.

This can be avoided by asking for a substantial earnest money deposit prior to acceptance of the contract. If the buyer has more skin in the game with say a $5,000 earnest money check, they will be more reluctant to give that up.

Your agent should counsel the buyers agent, or the buyer themselves, on how long short sales typically take to close. Keeping the lines of communication open on a weekly basis between your listing agent and the buyers agent can help keep the deal together. Buyers tend to stick around longer, at least in my experience, if they know what’s going on at all times.

Inaccurate Market Analysis/Appraisal/BPO – If  the BPO (Broker Price Opinion) was inaccurate, it could delay the closing. Lenders request BPO’s on short sales that are completed by third parties, whether it’s another real estate agent or an appraiser. Inaccuracies could give the lender a distorted view of what fair market value of the property is, this could influence the lender’s approval.

It’s important for your short sale agent to to ask the negotiator how the BPO compares to their market analysis. If your agent believes there are discrepancies with the BPO, it’s important for them to prove their point of view. Adding photos, better comparable properties, and any other information to support their claims.

Incompetent Short Sale Agent – To avoid having your short sale denied, it’s extremely important to hire a Realtor that knows what they’re doing. Inexperienced and incompetent short sale agents should be avoided with one of the most important financial decisions you will ever make.

Some sellers end up facing foreclosure due to the lack of effort from their agent, and it’s a terrible situation for all parties involved.  Research real estate agents thoroughly before hiring them. Do not use a friend because they are your friend. You could end up going into foreclosure do to the lack of experience of a new short sale agent.

Don’t Let Your Short Sale Fail! Educate Yourself And Choose An Experienced Short Sale Agent!

When short sales fail, it’s the homeowner left holding the bag. Most likely, the homeowner will go into foreclosure, which is the last thing anybody wants.

Foreclosures devalue neighboring properties, cost banks tens of thousands of dollars, but most of all; a failed short sale will ruin your credit for 7-10 years, will cause you to lose your home, and will severely limit your access to credit for many years to come.

Please research short sale agents, put together a full and accurate short sale package, and follow all lender protocols when trying to short sale your home. If you do everything you can to avoid these common mistakes, you have a great chance for a short sale approval!

Related Articles:

Short Sale Investors Committing Fraud?

Common Short Sale Questions Answered

The Short Sale Process – Approval Time Frame – Withdrawal Period – Writing A Short Sale Offer

Original Source: How Home Sellers Should Price Their House To Sell In 2010

When selling a home, pricing your property is crucial, and the psychology that goes into determining a price can leave your insides churning.

Should you start out high and see if you can get top dollar? Should you start low knowing the competition out there is tough? If you just drop your price later, how many buyers did you miss out on at the start?

The decision to price your home is extremely important. I can’t stress this enough.  Pricing your home not only dictates how much money you will make, it also dictates how many people will see your home. Here are a few things to consider before you set the price of your home.

Change Your Mindset If You Wish To Sell Your Home In A Buyers Market

Emotional attachment to a home can end up costing a home seller thousands of dollars. In my ten years of experience, I can’t tell you how many times I have had a seller price to high because they were stuck in the mindset of:  My home is worth more because it’s mine.

It’s easy for me, as a Realtor, to look at a home with a coldblooded point of view and determine a price it would sell for. But for sellers with emotions, a history, and attachment to the property, this becomes very difficult.

This is called the “endowment effect” and is a psychological human emotion. We tend to think, even with something with little value, that since we own it, the item is worth more than it really is.

The truth is, buyer’s don’t care how much you paid for your home when you bought it. They care about what comparable homes are selling for today.  This is a large step for home sellers to overcome.

You can’t price your home to sell for what you owe if the market says it’s worth less. Once you understand this and overcome the emotions of pricing your home, you’re on your way to a successful sale.

Make Your First Week Count

Don’t kill your sale before you even start. The first week is crucial to selling a home. When you put your home on the MLS, most buyers will only see it when it first pops up in their daily listing alerts.

If the price is too high, these buyers won’t ever see it again, and you may have killed the sale before it even started. If the price is right, many of these buyers will schedule a showing within the first week of seeing it.

Identify your homes true value and price it just below. For example; if your market analysis comes in at $150k, pricing your home at $147k will give you a lot more activity.

Even though you’re priced slightly below market value, with the amount of activity that price will bring, you may end up getting multiple offers which will drive the price back up. If you don’t get multiple offers, you will at least get an offer close to asking price.

Test your price as a buyer would looking for homes. Pretend you were a buyer and look online at homes within your price range. Be realistic when doing this. Find which homes standout to you, and if your home doesn’t pop out at you like the others, your price is probably to high.

Most sellers generally start out with a price higher than what it sales for. Because of this, they end up chasing buyers with price reductions later on, and by that time they have already spent a lot of money on marketing, house payments, insurance, taxes, and all the other expenses that come along with owning a home. They end up losing a lot more than if they would have priced it slightly lower than value from the get go.

How fast do you need to sell? What’s more important to your situation: tome or money? If you need to sell within 30 days, price your home lower than if you could hold out for 60-90 days. You may get less with the 30 day sale, but you will get rid of the home faster. If you price for 90 days, you may get more money, but you’ll lose out on time.

If you sell within the first 90 days, you should be all right. If you’re home sits longer, you could end up losing a lot more money and time than anticipated with your original list price. Pricing your home to high will end up netting you less money in the long run during a declining market. You will end up chasing lower prices, and you should try to avoid that situation if at all possible.

If your home sits to long, don’t be afraid to get aggressive. The longer your home sits on the market the more stale it becomes to buyers in that price range. Obviously, after sitting for an extended amount of time, your home isn’t worth what your asking.

To get out of that “stale” market, take decisive action and drop your price a substantial amount. By doing this, you will attract new buyers in new price ranges. If you drop the price in small increments, it’s like dieing by a thousand cuts.

Buyers can see all your price reductions, and it shows you’re getting more desperate the more you cut. A quick, substantial cut in price is going to give buyers a real incentive to take another look at your property.

If, after all of this, you still can’t get your home to sell, it may be time to take if off the market or consider a short sale. If you can’t afford to price a home at a price that will allow it to sell, talk to your agent about the possibilities of a short sale if you feel you need to go that route.

Related Articles:

Struggling Home Sellers Should Consider Lease Options

How To Avoid Going Into Foreclosure

5 Reasons Your Home Isn’t Selling

Why You Should Counter Every Low Offer You Receive

Home Selling Negotiation Strategies

I was asked by one of my clients who is thinking about doing a short sale if they should just stop making their payments. This is a very difficult question to answer for anyone, and I can’t answer this question as a real estate agent.

This question should be asked when talking to your accountant, a financial advisor, or your attorney. What I can do is, give you some scenarios that can happen if you stop making payments during a short sale. (These are some hypothetical scenarios! Please consult an accountant or attorney.)

Should You Stop Making Payments During A Short Sale?

This question should be answered with another question. Are you willing to go through a foreclosure? A short sale is not a guaranteed sale. Your home selling in a short sale is based upon many factors and you never know what the bank will do.

If you receive an offer on your short sale it doesn’t mean the bank will approve it. If the bank denies your buyers offer and the short sale is denied, this will leave you with backed up payments if you stopped making them.

If you can’t come up with the money to pay these payments, you will go into foreclosure. So, this is a personal decision. Are you willing to face foreclosure if your short sale doesn’t work out? Which could be very likely considering that only 20-25% of all short sales around the country close.

Short sales are difficult, emotionally draining, and time consuming. When you decide a short sale is the only way out, you need to be prepared for a foreclosure at anytime. It’s the nature of the beast.

Why You Should Keep Making Payments During Your Short Sale

If at all possible, making your payments during the short sale could be advantageous for a few reasons:

If your short sale doesn’t work out, you can cancel without any penalties. If the bank doesn’t accept an offer you submit, you don’t get an offer, or the bank denies your short sale for any other reason. You will be in a much better situation then if you had stopped making payments.

Making payments will protect your credit. Although your credit may not be the most important thing for you to worry about during financial hardship, your score will not reflect late payments. However, the bank may report your short sale and the short sale itself could have an affect on your credit.

It is possible to purchase a new home directly following a short sale if you stay current. Both FHA and Fannie Mae have guidelines allowing a short sale seller who is current on payments to purchase a home directly following a short sale. Why would anyone do this?

If your home is worth dramatically less than what you paid for it, selling it short may be your only option. You may have to move for any number of reasons such as divorce, employment, or many other reasons. If your payments are up to date, you could purchase a new home when you move if you stay current.

Reasons To Stop Making Payments During A Short Sale

You may not have a choice in the matter. If you don’t have the money to make payments than you can’t make payments. Plain and simple. Other’s decide to not make payments by choice, and here are their explanations:

To save money for a move. It’s no secret that many homeowners are under water and feel they need to get out from under their current situation. They will stop making payments during the short sale process to save up money to move when the short sale goes through.

Lenders may not force you to make up the payments. Many times during a short sale, all missed payments are forgiven, but not all the time. If your situation allows you to not make payments and you don’t have to pay them back, you may consider not making payments. Banks still may file a deficiency notice however.

The short sale could be moved to a more critical time frame for approval. If you aren’t making payments, it would be in the banks best interest to close on your short sale as soon as possible to start recouping their losses. You don’t have to be in default in order to short sale, but someone who is making payments compared to someone who isn’t making payments may take priority.

If You Miss Payments You May Face Default

Many short sales do not get approved, never find a buyer, or are screwed up by inexperienced real estate agents. There is a very good chance that you may end up facing foreclosure if you stop making payments. Here are some of the drawbacks if you go into foreclosure:

Although both short sales and foreclosure affect your credit, a foreclosure is much worse. After short selling a home, even if you miss payments, you can purchase a home again within 2-3+ years.

If you go into foreclosure you won’t be able to purchase a home for 7-10+ years. Seven years if you don’t have any other credit issues, pay off all your delinquencies, and stay up to date on all future payments. Ten years or more if you face delinquencies or other credit issues related to your foreclosure.

If you’re facing financial hardships, please do not avoid the situation. It will not go away, and a short sale may be the best option. If you can’t make your payments, you can still sell your home in a short sale and avoid foreclosure. Be sure to talk to a lawyer, an accountant, and seek out an experienced short sale agent to give you advice on your personal situation.

Related Posts:

How To Avoid Foreclosure

What Is A Lease Option And What Are The Pro’s And Con’s

Choosing A Realtor To Sell Your Home

Common Short Sale Questions Answered

Common Short Sale Myths

The Full Short Sale Process

Original Source: Struggling Home Sellers Should Consider Lease Options

Before I get into why you might want to consider a lease option, let me give you a little background on market statistics.

The other day, the National Association of Realtors (NAR) released a troubling statistic. In July, home sales across the nation dipped 27% year over year from July 2009. This was due to many buyers purchasing before the home buyer tax credit expired, but it's still an ugly statistic for home sellers.

Obviously, the tax credit had a major impact on home sales. Everyone who would have bought a home in July or August this year, that qualified for the credit, moved up their purchasing dates to get the credit.

The credit didn't increase sales, rather it made buyers move up their purchase to qualify for it. Waste of tax payers money? Most likely, but that's a story for another day. Back to my post:

What Is A Lease Option?

As home sales slow moving into the fall selling season, a lease option might be something that could work for you, especially if your home is vacant. What is a lease option you say?

A lease option allows someone to lease your home with the option to purchase it. It's like a glorified rental, in that the renter of your home has the option to purchase the home at the end of their lease agreement; usually 12 months. Here are some basic principles to a lease option:

The lease option binds the seller to sell and not the buyer to buy. The option gives the buyer discretion to buy or not. This is why lease options usually come with a larger deposit than a months rent. This deposit usually ranges from 2-5% of the home price. Of course this is negotiable between buyer and seller.

How do you determine price? Price can be dealt with in two ways. The buyer and seller can agree to a price when the contract is signed, or they can agree to price by when the date the option is exercised. Either way, it's usually still based on an appraisal. The monthly payment is determined by buyer and seller, and it can be applied to the cost of the home or not.

It all depends on the terms of the agreement. If the payments are applied to the purchase price of the home, if the buyer decides not to purchase the home, the seller will not have to pay that back. Basically, a lease option is the same as a lease, with the option at a determined time period for the buyer to purchase the property.

Advantages Of A Lease Option For Home Sellers

A lease option opens you up to more buyers. A lease option allows you to sell your home where you otherwise wouldn't have been able to sell it.

For example, there are many people right now that don't qualify for financing with the increased regulations in the lending industry.

Many of these potential buyers have been taken out of the market, and a lot of times all they need is more time to qualify. They may need to pay off some debt, raise their credit scores, or save up a larger down payment. Many of these buyers are very close to purchasing, but can't quite get over the hump.

For you the seller, this gives you an advantage in an otherwise strong buyers market. When I deal with sellers looking for lease options, I like to tell the buyers they get price or terms, pick one. Meaning, they can either get a better price with terms that are more strict, or they can pay more and get more lenient terms. As a seller, both will work in your favor. You either get a better price on your home, or you will get some great terms with a nice non-refundable down payment.

If the buyer doesn't exercise the option to buy your home at the end of the agreement, they forfeit all rent paid, and usually forfeit their down payment. And once this happens, you go into landlord-tenant relations, giving you the right to evict and retain your home. You may also work out another agreement, either way the ball is in your court.

Another advantage is; if you have to move fast or your home is sitting vacant, you get someone to pay your mortgage payment for you. They may also do some upgrades that could add value to the home, and you get people living in your home to maintain it.

Disadvantages Of Lease Options For Home Sellers

A lease option has it's disadvantages. One of them being having someone in your home that may not take care of it. They may trash it and leave you holding the bill, just like any renter.

Also, the buyer may not exercise the option to purchase your home and you're left with another mortgage payment when the lease runs out.

If you are unable to make payments on two homes, if that is your situation, you might not be able to find another renter. And if you try to sell the home again, you may not be able to sell it either.

The real estate market is still declining here in Logan. If you sign a lease option  today, in 12 months from now when it's time for the buyer to purchase, your home may be worth less. If you take if off the market today, you won't have the chance to sell it for today's prices. You're locked into the agreement unless the buyer defaults.

Interest rates may go up. If interest rates go up, the buyer who could afford your home today may not be able to afford it tomorrow. Even if interest rates go up only a point, it could disqualify many buyers from purchasing your home.

Why Should Struggling Home Sellers Do A Lease Option?

If you're home is sitting vacant, there are many renters right now in the Logan UT real estate market. These people are calling my brokerage everyday asking for lease options or rentals. I can't speak for other markets around the country, so I would talk to a local Realtor about markets where you live.

If you're tired of showing your home, a lease option could help you get out of the market, out of your home, and get someone who will pay part of your mortgage for you.

If your not getting any showings and you can't reduce your price, a lease option is a great way to wait out the market. Even if the buyer doesn't buy your home at the end of the option period, you still have someone paying you rent, and you can negotiate keeping a nice down payment. Plus, you could always try to sell when there is less inventory and get a better price.

All in all, if your a home seller, I truly understand how difficult it is right now. A lease option may be something you could try if your home isn't selling and you're struggling to make ends meet. If you do a lease option, be sure to consult with an attorney about terms of a contract, or talk to a Realtor about the options we can provide.

Original Source:  The Complete Guide To Buying A Home In Logan Utah In 2010

Most real estate markets around the country are considered to be a buyers market. The Logan real estate market is no different. We are in a very strong buyers market, and it only makes sense to me to give you buyers as much information as possible to ensure that a great home for a great price is in your future.

The key to purchasing a home in todays volatile market is education. In order to get the best home, at the best price, you must know the process, the market you’re purchasing, and if it’s the right time for you to buy. So, let’s start off with a little education and some common home buying tips to see if you’re really prepared to purchase a Logan home.

Is It The Right Time To Buy For Me?

Smart Moves For Logan Utah Home Buyers ~ This post gives you some basic tips to consider before  buying a home. Those tips include saving up a down payment, figuring out your finances so you know how much home you can afford, why you should get pre-qualified for a loan before you go house hunting, and being smart about the full home buying process.

5 Reasons To Buy And Not To Buy A Home In 2010 ~ Many home buyers are afraid of what the real estate market is going to do in the future, hence they sit on the fence. Yep, I just rhymed! This post gives you 5 reasons for both sides of the coin. On one hand, home are becoming more affordable, on the other hand home prices are still declining. Use this post to weigh both sides, and decide if now is right time for you.

Key Market Indicators Help Time Real Estate Markets ~ Education is the key to securing your financial future when it comes to purchasing real estate. This post lists 5 key real estate market indicators you should pay attention to. These indicators include: Existing home sales, New home building permits, Notice of defaults, Foreclosures sales, and Interest rates.

Right Time To Buy? Great! Get Educated And Hire A Realtor

How Much Home Can You Afford Without Being House Broke? ~ During the real estate bubble of the 2000′s, many buyers overstepped their abilities when it came to buying a home. This post gives you some guidelines to follow so that you don’t end up in the same situation. Knowing how much house you can buy, and how much house you can afford, are two different things. Learn from others mistakes by reading this post.

Tips To Choose A Real Estate Agent ~ As a home buyer, using a Realtor to help you through the process of buying a home should be a given. Realtors are professionals and they can save you money, time, and headaches. Don’t pick just any Realtor though. You should use these guidelines to ensure you get a Realtor that best suites your personality and one who will work hard in your corner.

Questions Every Buyer Should Ask Their Logan Utah Real Estate Agent ~ Another great post on some questions most buyers forget to ask Realtors when they are interviewing them. This post will give you some much needed help choosing the right agent for you. These questions include the availability of the agent, are their licenses in good standing, do they have assistants, and many more.

Did You Know You Can Use A Realtor To Buy A FSBO? ~ Even if you plan on purchasing a for sale by owner property, most times you can still use a Realtor. This post gives you reasons why using a Realtor to purchase a FSBO is the smart thing to do.

You Have Your Agent Now It’s Time To Narrow Down Your Options

Utah Home Loan Programs ~ Now that you have chosen an agent, get their advice lenders they recommend.  Just like Realtors, all lenders are not equal, and some do better than others. Check this post out to see what special loan programs Utah has to offer.

How To Pick The Right Logan Utah Home To Buy ~ Choosing a home can be extremely stressful. There are a lot more choices  in a buyers market. With the amount of inventory to choose from, you need to distinguish your needs from your wants. Use these tips to help you narrow down your options so you can start viewing homes.

Short Sale Process: Writing The Offer – Short Sale Approval Time Frame – Withdrawing Your Offer ~ If you’re thinking of buying a short sale, you need to understand that the short sale purchase process is much different than purchasing a normal property. This post gives you some information on the short sale process, writing an offer, the time frame of a short sale approval, and when you can withdraw your offer if things aren’t going your way.

Common Short Sale Questions Answered! ~ Short Sales are complicated, time consuming, and can become a frustrating ordeal if you’re not prepared for the process. I have put together some very common short sale questions most buyers have, and you can use this post to learn more about them. If you have any other short sale questions, leave a comment on this post and I will get them answered.

Pros And Cons Of Buying Logan Utah Foreclosures ~ Everyone is talking about buying foreclosures and what a great deal they can be. But hold on there trigger. There is more than the proverbial great deal in the foreclosure market. There are also homes that need lots of work, and a process that can leave you feeling weak in the knees as a home buyer. Learn the pros and cons of purchasing a foreclosure property.

What To Do When You Find The Perfect Home And How To Get To Closing

What To Do Before Writing An Offer On A Logan UT Home ~ When it comes time to write an offer, I would recommend a few things before you write it. Check out the market activity in the area, check out the neighborhood for crime and schools, and take a night to sleep on it. You don’t need to rush into buying a home with so many to choose from. Use these tips to become more confident about your choice.

How To Make An Offer On A Logan Utah Home ~ Once you’re ready to write your offer, here are a few things that need to be included with your offer. Make sure you setup your dates, submit a pre-qualification letter, have your agent run a market analysis on the property, and include your earnest money deposit, and more.

Due Diligence Period For Utah Home Buyers ~ Once you’re under contract, your due diligence period allows you time to obtain financing, inspect the property, and get an appraisal so you don’t overpay. Here is a list of 17 items you should check during your due diligence period.

What To Expect When Closing On A Logan Utah Home ~ During the closing process you will need a few items, and here can learn what they are. Also, depending on your states laws, you may not own the home yet. Here in Utah it usually takes 24 hours for a closing to fund and record. Get the facts about closing on a Logan Utah home in this post.

All of these articles should give you a great understanding of the real estate process. It makes you wonder, with all the information on the internet why you need to use a Realtor at all. The truth is, the information provided here, and other places on the internet, are just stepping stones.

A Realtor knows specific laws and nuances of their markets. A Realtor is also a great way to find people that can help you with your real estate transaction. We all have a database of professional lenders, contractors, inspectors, electricians, and many other parties who get involved in a transaction. No matter how much information you gather online, nothing will replace the expertise of an experience professional Realtor.

This article and all articles linked to were written by Lisa Udy, a veteran real estate broker with Platinum Real Estate Group in Logan, Utah. Many of these articles relate to other markets, and if you want to use them as guidelines with your buyers, feel free. The only request is that you link to this post from your blogs or websites with the anchor text: Home Buyers Guide. If you have any questions please feel free to contact the Lisa Udy team at: Lisa@LisaUdy.com.

In the last month I have had a few sellers that have taken their Logan Utah homes off the market. They decided they just wanted to wait until spring time, and didn't want their homes to become stale on the market. Some of these seller's homes were on the market for some time, and I couldn't talk them into reducing their prices. The market had spoken, their homes were overpriced.

Just because you wait to sell in the spring doesn't mean your home is priced to sell.

Everyone knows in the real estate business, spring time is the busiest time of the year. There are more buyers in the spring, but there is also a lot more competition.

If your home is on the market for an extended amount of time, the worst thing you can do is take it off the market and wait to price it exactly the same a few months down the road when you are going to have twice the competition.

Here's Why:

• The market has already shown your home isn't priced correctly, if it was, it would have sold no matter what season it is. Price is the #1 factor for selling a home, no matter what condition it is, if it's priced correctly, you can sell it.
• Your mortgage payment isn't going to go away. Every month you stay in your home, you have to pay for your mortgage. Which means more money you pay your lien holders in interest. That money is gone forever.
• The longer your home is on the market, the more behind the market it becomes. If your home was priced competitively in the first month, but soon after you start noticing homes selling in your price range for less then what they were the month before, you have to adjust your strategy. It may have been priced right 3 months ago, but how does it compare today? The real estate market is a living creature, it changes, and no one knows where it's going until it has already been. Price your home ahead of the market.
• If you think it's going to be hard to sell your home in the winter, imagine how hard it's going to be when inventory goes up 30%.

Now, don't get me wrong, I understand you need a certain amount of money out of your home. The problem with that thinking is, the market doesn't care how much money you need out of your home. The market doesn't care that you can't sell your home for the price the market says it's worth. The market provides the price a buyer is willing to pay, and nothing more.

Take a deep breath, look at the facts, and think about your motivations for selling your home. If you can't price your home at the price the market dictates now. Why would you want to wait until the busiest time of the year, with more competition, higher interest rates and then price it at the same as you did with less competition, better interest rates, and in a market that is heading into the unknown?

What are your motivations for selling? Are you relocating? Are you trying to move into a bigger home? Are you downsizing?

If you have all the time in the world to wait out the market, that's great and you are in a unique situation, but be prepared to wait a long time. If you want to sell your home fast, price it to sell in today's market, and you will actually save a lot of money in the long run.

This market is, to be blunt, insane. No one knows what's going to happen over the next few months, and if you wait until the grass is greener on the other side, you may find that someone has poisoned the grass.

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Lisa Udy, Logan Utah Real Estate  Copyright © 2009

If you are considering buying or selling a home in Utah, you deserve local expertise and advice to be provided by a professional in real estate. Lisa Udy, is a Utah REALTOR® providing full time, professional real estate services to home buyers and sellers in the cities of Logan, Providence, North Logan, Hyde Park,  Smithfield,   Richmond,  Nibley, Lewiston, Cornish, Trenton, Amalga, Clarkston,  Newton, and all surrounding cities in the  Cache County Northern Utah area.

You may be relocating to or from Utah due to any number of reasons , whatever the case, when searching for a real estate professional outside the state of Utah, please feel free to Contact Me or call me at 435-881-3022 as I am more than honored to provide to you the contact information of exceptional agents across the U.S.

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