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| Tips for Selling Your Home in Today's Tough Market |
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(July 31, 2006) -- Neither David Berson, chief economist for mortgage giant Fannie Mae, nor Ben Bernanke, chairman of the Federal Reserve, foresees widespread property-value declines as part of the current down cycle.
Only in those markets where speculation was rampant from 2003 through 2005, and where job and population growth are anemic, are there risks of price declines.
Neither expects mortgage rates to rise significantly higher than today's rates, which are still on the low side by historical standards. As long as financing is available and affordable, buyers will find ways to purchase houses.
For all-weather real estate players, a flattening market means changing one's tactics, not burrowing away to hibernate until the market warms up. For sellers, it means getting acquainted (or reacquainted) with the toolbox of techniques developed during the down periods of the 1970s, '80s and '90s to move houses.
Sellers should consider assisting with financing by taking back a first mortgage or buying down a purchaser's interest rate to lower monthly payments.
Buyers shouldn't balk at the market. The message is don't go to sleep. To the contrary, scour the market for properties that may never be cheaper or even available.
-- Washington Post Writers Group , Kenneth R. Harney (07/30/2006) |
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