Five Questions a Buyer Needs Answers to Before Looking at a SHORT SALE Property:
1. Has the Seller’s agent submitted the homeowner’s package to the bank, and has it been approved? (Okay – that’s more than one question.) If the bank hasn’t yet determined that the Seller is qualified for a short sale, a prospective buyer may have a long wait only to find that the bank won’t approve.
2. How many lienholders are there? If more than one, are they the same lender? (Again, two questions – not one.) The more lienholders, the more complicated the transaction. If the Seller’s agent knows the answer to the question, that’s a good sign that communications with the bank are underway.
3. Has a loss mitigator been assigned? If the Seller’s agent doesn’t know what a loss mitigator is, that’s a bad sign. If one has been assigned, that’s good – that’s more evidence that the bank is communicating.
4. Has a third-party BPO already been done, or is the bank waiting on an offer? (Again, a two-part question.) BPO is short for Broker Pricing Opinion. This written opinion lets the bank know – or think they know – the market value of the property. If the Seller’s agent can tell you that the BPO has been done, you should have a much shorter response time from the bank if you decide to bring an offer than if the bank has no clue as to value.
5. Are you using a professional negotiator? Short sales require a lot of communication between the Seller’s agent and the bank. A lot. If the Seller’s agent is working with a professional negotiator, HURRAY! This should mean that a Buyer is NOT likely to experience long, long delays in getting a response, should he decide to bring an offer.
Saturday, August 16, 2008
Getting Started on a Short Sale
How do you get started if you think a short sale is your best solution? Contact your Realtor and request a short sale package. Some are bank specific, so be sure to provide your agent with all of your loan information as well as an authorization form that allows the realtor to speak to the bank on your behalf.
Once the short sale process has begun, listen to what your realtor tells you. She may ask that you not have any communication with your bank after the short sale process is started. The realtor and her team will negotiate directly with the loss mitigation department, and discussions with other bank departments may get in the way of those negotiations. If she tells you to IGNORE THE BANK, she means that at this stage, the controlling department is the loss mitigation department – and she’ll talk with them on your behalf.
Once the short sale process has begun, listen to what your realtor tells you. She may ask that you not have any communication with your bank after the short sale process is started. The realtor and her team will negotiate directly with the loss mitigation department, and discussions with other bank departments may get in the way of those negotiations. If she tells you to IGNORE THE BANK, she means that at this stage, the controlling department is the loss mitigation department – and she’ll talk with them on your behalf.
Consequences of a Short Sale
What are the consequences of doing a short sale? You are wise to ask, because there ARE consequences.
Certainly, your credit WILL BE impacted. The average “drop” is 100 points for a short sale, but this depends on how the bank reports the sale to the credit bureaus. Some will report that it was “satisfied in full” while others may say that it was “settled for less than owed.” We have no control over how the bank reports the sale.
You will receive a 1099-C at the end of the year showing that you made extra income. This extra income is the amount that the bank was shorted, or the deficiency. For example, if you owed $250,000 on your home and you short sold it for $150,000. You will receive a 1099-C at the end of the year stating you made $100,000. The Mortgage Forgiveness Debt Relief Act of 2007 will protect many sellers in a short sale situation and make them exempt from paying the taxes on the deficiency. Individual circumstances vary, however, and we very strongly recommend that you speak to a CPA to see if you will qualify for this exemption.
Although Arizona has anti-deficiency laws in place for homes that are foreclosed on, these same laws MAY NOT apply to short sale situations. For this reason, it is important that your realtor have the bank put in writing that they will “release the lien AND SATISFY THE DEBT.” You want to be certain that no one will file a deficiency judgment against you after the short sale is executed.
Certainly, your credit WILL BE impacted. The average “drop” is 100 points for a short sale, but this depends on how the bank reports the sale to the credit bureaus. Some will report that it was “satisfied in full” while others may say that it was “settled for less than owed.” We have no control over how the bank reports the sale.
You will receive a 1099-C at the end of the year showing that you made extra income. This extra income is the amount that the bank was shorted, or the deficiency. For example, if you owed $250,000 on your home and you short sold it for $150,000. You will receive a 1099-C at the end of the year stating you made $100,000. The Mortgage Forgiveness Debt Relief Act of 2007 will protect many sellers in a short sale situation and make them exempt from paying the taxes on the deficiency. Individual circumstances vary, however, and we very strongly recommend that you speak to a CPA to see if you will qualify for this exemption.
Although Arizona has anti-deficiency laws in place for homes that are foreclosed on, these same laws MAY NOT apply to short sale situations. For this reason, it is important that your realtor have the bank put in writing that they will “release the lien AND SATISFY THE DEBT.” You want to be certain that no one will file a deficiency judgment against you after the short sale is executed.
Short Sale Marketing and Offers
How will your house be marketed in a short sale? Marketing for a short sale property is the same as it would be if your house were not being short sold. Pretty much the only difference is that all the marketing materials must disclose that “all terms of offers are subject to lender approval.”
Once your realtor puts your house on the market, real estate agents will show it to prospective buyers and we wait for an offer. Try to price within the bottom 10% of the active listings – that should generate plenty of activity and result in an offer within the first 30 days on market.
As soon as we have an offer, we submit it to the bank along with supporting documentation. The bank’s “loss mitigator” is our point of contact during the entire process. He or she will review the package in its entirety before ordering a BPO (Broker Pricing Opinion). This BPO is similar to an appraisal and will require a third-party agent to come to your house and take photos of every room…even the garage. They will then create a report for the bank that reveals the current value of the home.
Once your realtor puts your house on the market, real estate agents will show it to prospective buyers and we wait for an offer. Try to price within the bottom 10% of the active listings – that should generate plenty of activity and result in an offer within the first 30 days on market.
As soon as we have an offer, we submit it to the bank along with supporting documentation. The bank’s “loss mitigator” is our point of contact during the entire process. He or she will review the package in its entirety before ordering a BPO (Broker Pricing Opinion). This BPO is similar to an appraisal and will require a third-party agent to come to your house and take photos of every room…even the garage. They will then create a report for the bank that reveals the current value of the home.
Qualifying for a Short Sale
How can a Seller know if a short sale is the right solution? The best way to find out is to speak with a real estate professional about any other options that may be available. If you want to stay in the home and simply need to have your interest rate reduced (due to an ARM adjustment), a loan modification directly through your lender may be a better choice.
Supposing a short sale is what you want to do. What does it take to qualify? Your realtor should provide you with a package of forms to complete (including a financial analysis). This package is submitted to your lender(s) for approval. It is very similar to applying for a mortgage…only in reverse. There must be evidence of a hardship. Being unhappy that your property is worth less than what you paid for it is NOT evidence of a hardship.
Out-of-pocket expenses in a short sale are paid by the bank. These include seller closing costs and realtor commissions. However, it is important that the seller keep current with HOA dues and keep the electric and water turned on at the property. Per the Arizona Real Estate Purchase Contract, the seller is required to keep the utilities on so that a buyer may perform home inspections.
Supposing a short sale is what you want to do. What does it take to qualify? Your realtor should provide you with a package of forms to complete (including a financial analysis). This package is submitted to your lender(s) for approval. It is very similar to applying for a mortgage…only in reverse. There must be evidence of a hardship. Being unhappy that your property is worth less than what you paid for it is NOT evidence of a hardship.
Out-of-pocket expenses in a short sale are paid by the bank. These include seller closing costs and realtor commissions. However, it is important that the seller keep current with HOA dues and keep the electric and water turned on at the property. Per the Arizona Real Estate Purchase Contract, the seller is required to keep the utilities on so that a buyer may perform home inspections.
What is a SHORT SALE?
What is a short sale? What is short about it? Glad you asked. According to a Keller Williams Realty expert, Leah Wolfe-Kraemer, a short sale, or short payoff, occurs in a real estate transaction when a lienholder (bank) agrees to accept less than what the seller owes in exchange for releasing the lien on the property and satisfying the debt. In other words, the agreed payoff is less than the seller owes.
And why, you ask, might a bank accept less than what the seller owes them? Well, the banking industry is much too complicated for a short answer, but the biggest reason is that it is better for the bank than letting a property go through the foreclosure process. The entire foreclosure process is extremely time-consuming and expensive for a bank, and at the end, the property will still sell for much less than the amount owed. By granting short sales, the bank can bypass most of the foreclosure process.
And why, you ask, might a bank accept less than what the seller owes them? Well, the banking industry is much too complicated for a short answer, but the biggest reason is that it is better for the bank than letting a property go through the foreclosure process. The entire foreclosure process is extremely time-consuming and expensive for a bank, and at the end, the property will still sell for much less than the amount owed. By granting short sales, the bank can bypass most of the foreclosure process.
Tuesday, August 12, 2008
Westbrook Village
I had a tour of Peoria's Westbrook Village yesterday. Wow. Very impressive. My client (who has a lovely home for sale) wanted me to see the amenities.
There are golf courses, tennis courts, swimming pools and spas, facilities for arts and crafts and hobbies, a library, and more. Even a restaurant. And volunteer opportunities for the Sheriff's Posse. This is an age 55+ community, and there is lots of interest to capture the attention of residents.
The HOA is $517 a year - not much for all that it includes. See the website at http://www.westbrookvillage.org/. For more about golfing at Westbrook Village, see http://www.westbrookvillagegolfclub.org/
There are golf courses, tennis courts, swimming pools and spas, facilities for arts and crafts and hobbies, a library, and more. Even a restaurant. And volunteer opportunities for the Sheriff's Posse. This is an age 55+ community, and there is lots of interest to capture the attention of residents.
The HOA is $517 a year - not much for all that it includes. See the website at http://www.westbrookvillage.org/. For more about golfing at Westbrook Village, see http://www.westbrookvillagegolfclub.org/
Sunday, August 3, 2008
Fair Market Value, Timing, Convenience
Fair Market Value, Timing, Convenience
I am looking for a seller who wants -- really wants -- to sell his house. The house he lives in. The one that needs to be sold in order for the seller to become a buyer for another house - his new home.
The goal of this seller that I'm looking for - the goal of ALL sellers - okay, maybe all is too strong a word - let's say ALL with maybe a couple of exceptions -- is to sell their home for the most amount of money, in the least amount of time, and with the least amount of inconvenience.
The first key objective is to price the house -- forget for now that we're talking about the house you've turned into a home - just think of it as a HOUSE - price the HOUSE at its fair market value.
A property that is listed WELL UNDER fair market value will…
a. Cause buyers to wonder what’s wrong with it, so they will scrutinize it much more.
b. Cause the seller to lose money.
c. Not be a win-win situation.
On the flip side, a property listed WELL OVER fair market value will…
a. Not generate as many interested buyers because they will think it’s out of their price range.
b. Waste advertising dollars and marketing efforts.
c. Take a long time to sell and could impact when the seller can move into his/her new home.
d. Make other competing properties look good.
e. Make the home overpriced in everyone’s mind (agents and buyers) and they tend not to forget.
f. Often eventually sell below market value.
So - the trick is to land on fair market value. That's tricky, both to identify what fair market value is and also to apply that to listing price. It is a good idea to think in terms of a PRICE RANGE -- that’s how buyers think about prices.
A second key objective is timing, which means selling your home in your desired timeframe. Did you know that a house generates the most interest in the real estate community and among buyers during the first 30 days (or four weeks) that it is listed.
The third key objective is selling your house with the least amount of inconvenience. Too much to write about here - but I have ideas, so if you're interested, contact me and we'll talk.
I am looking for a seller who wants -- really wants -- to sell his house. The house he lives in. The one that needs to be sold in order for the seller to become a buyer for another house - his new home.
The goal of this seller that I'm looking for - the goal of ALL sellers - okay, maybe all is too strong a word - let's say ALL with maybe a couple of exceptions -- is to sell their home for the most amount of money, in the least amount of time, and with the least amount of inconvenience.
The first key objective is to price the house -- forget for now that we're talking about the house you've turned into a home - just think of it as a HOUSE - price the HOUSE at its fair market value.
A property that is listed WELL UNDER fair market value will…
a. Cause buyers to wonder what’s wrong with it, so they will scrutinize it much more.
b. Cause the seller to lose money.
c. Not be a win-win situation.
On the flip side, a property listed WELL OVER fair market value will…
a. Not generate as many interested buyers because they will think it’s out of their price range.
b. Waste advertising dollars and marketing efforts.
c. Take a long time to sell and could impact when the seller can move into his/her new home.
d. Make other competing properties look good.
e. Make the home overpriced in everyone’s mind (agents and buyers) and they tend not to forget.
f. Often eventually sell below market value.
So - the trick is to land on fair market value. That's tricky, both to identify what fair market value is and also to apply that to listing price. It is a good idea to think in terms of a PRICE RANGE -- that’s how buyers think about prices.
A second key objective is timing, which means selling your home in your desired timeframe. Did you know that a house generates the most interest in the real estate community and among buyers during the first 30 days (or four weeks) that it is listed.
The third key objective is selling your house with the least amount of inconvenience. Too much to write about here - but I have ideas, so if you're interested, contact me and we'll talk.
Real Estate Consulting
Keller Williams Realty – Consulting
We talk at Keller Williams about NOT being order takers. I'm a consultant - sometimes referred to as a fiduciary. Okay - most of the people I know don't say the word "fiduciary" all that often. You generally think of that as a legal term. The mean has to do with a high level of care, with responsibility. There is a difference in being a fiduciary - let's just call it being a consultant, and being a functionary, or agent. Here are the key points:
1. A consultant is someone in a special relationship of trust, confidence, or responsibility to others.
2. An agent is someone who simply executes tasks for others – an order taker.
3. A consultant takes the time to understand your wants and needs, and then recommends solutions that satisfy or exceed your wants and needs. A consultant also educates you so that you can make sound business decisions.
4. An agent simply coordinates selling and buying transactions.
5. Keller Williams Realty trains its associates to behave as consultants - not order takers. This means that I will tell you what you need to hear, even when it may not be what you want to hear. My goal is to help you sell your home - quickly, for the price you want, with the least amount of hassel.
If I make it sound easy, shame on me. It's hard for many people just to start thinking of the home they've created as a HOUSE - and that's part of the process as the buying and selling process gets underway.
I'm looking for a few motivated sellers and a handful of ready, willing and able buyers. If that's you or someone you know, let's talk, yes?
We talk at Keller Williams about NOT being order takers. I'm a consultant - sometimes referred to as a fiduciary. Okay - most of the people I know don't say the word "fiduciary" all that often. You generally think of that as a legal term. The mean has to do with a high level of care, with responsibility. There is a difference in being a fiduciary - let's just call it being a consultant, and being a functionary, or agent. Here are the key points:
1. A consultant is someone in a special relationship of trust, confidence, or responsibility to others.
2. An agent is someone who simply executes tasks for others – an order taker.
3. A consultant takes the time to understand your wants and needs, and then recommends solutions that satisfy or exceed your wants and needs. A consultant also educates you so that you can make sound business decisions.
4. An agent simply coordinates selling and buying transactions.
5. Keller Williams Realty trains its associates to behave as consultants - not order takers. This means that I will tell you what you need to hear, even when it may not be what you want to hear. My goal is to help you sell your home - quickly, for the price you want, with the least amount of hassel.
If I make it sound easy, shame on me. It's hard for many people just to start thinking of the home they've created as a HOUSE - and that's part of the process as the buying and selling process gets underway.
I'm looking for a few motivated sellers and a handful of ready, willing and able buyers. If that's you or someone you know, let's talk, yes?
Real Estate Pricing Misconceptions
Real Estate Pricing Misconceptions
Setting a value on something we care about can be painful. This is especially true when the thing we care about is our HOME. Many of us work hard to turn a house into a home, and when it becomes time to move on, to put the home we've loved out in the marketplace for all the world to see, we are hard pressed to price it to sell.
No matter what we would rather believe, the plain truth is that when pricing to sell, only four things matter: LOCATION, CONDITION, MARKETING and PRICE. It does NOT matter:
1. What you paid for your home - okay, it may matter to you but it does NOT matter to your buyer.
2. What you invested in updating your home - those updates affect MARKETABILITY but not price.
3. What you want or need to buy a new home - sorry, irrelevant to the buyer.
4. What you want or need to rebuild the home you have - again, you care but it means NOTHING to the buyer.
5. What your neighbor says he sold his home for - hey - if your neighbor wants to buy your home, let's talk!
6. What another realtor says he can sell your home for - because when it's all said and done, housing prices are just like stock market prices. Value equals what somebody will pay.
If you are getting ready to price your home for sale, how about giving me a chance to help. Just let me know.
Setting a value on something we care about can be painful. This is especially true when the thing we care about is our HOME. Many of us work hard to turn a house into a home, and when it becomes time to move on, to put the home we've loved out in the marketplace for all the world to see, we are hard pressed to price it to sell.
No matter what we would rather believe, the plain truth is that when pricing to sell, only four things matter: LOCATION, CONDITION, MARKETING and PRICE. It does NOT matter:
1. What you paid for your home - okay, it may matter to you but it does NOT matter to your buyer.
2. What you invested in updating your home - those updates affect MARKETABILITY but not price.
3. What you want or need to buy a new home - sorry, irrelevant to the buyer.
4. What you want or need to rebuild the home you have - again, you care but it means NOTHING to the buyer.
5. What your neighbor says he sold his home for - hey - if your neighbor wants to buy your home, let's talk!
6. What another realtor says he can sell your home for - because when it's all said and done, housing prices are just like stock market prices. Value equals what somebody will pay.
If you are getting ready to price your home for sale, how about giving me a chance to help. Just let me know.
Real Estate Pricing Factors
Real Estate Pricing Factors
When you're ready to price your house for sale, you have tons of stuff to think about. When you need to move. What you're going to do when the house sells. How a sale affects family, work, etc. It's good business to talk with an agent about pricing, specifically about:
1. Availability - it doesn't make a lot of sense to put your house up for sale and make prospective buyers jump through hoops if they want to look at it. They won't buy if they can't look. So let your agent put a lockbox on and be ready to show your house at the drop of a hat.
2. The competition - know what else is for sale. Not just in your immediate neighborhood but in the greater community. Buyers have choices and a smart seller knows what they are.
3. Timing – how quickly you need to sell your home makes a big difference. If you need to be in another part of the country in 30 days, then price it accordingly.
4. The condition of your home - beautiful, move-in ready homes are very appealing, particularly to buyers who have been looking at trashed properties.
5. Terms - Are you flexible with closing date? If somebody is looking for a home that is move-in ready that they can purchase quickly, that may be a selling feature for you. If you are willing to offer a lease-purchase, that may be attractive to a buyer who wants your house but either has some credit issues to clean up or a down payment to beef up.
6. Warranty - Buyers often ask for seller to pay for a home warranty. Offer it. It's a good idea to have a home warranty on the home at the time it's listed - the warranty will transfer once a sale happens.
7. Amenities - What's particularly cool about your place may be appealing to a prospective buyer too. Maybe it is your floorplan, your spa, your neighborhood, your greenbelt. Amenities affect marketibility.
8. Lot size, trees, views, privacy, etc. - Location, location, location. Did I mention location? If you are fortunate enough to have a great location going for you, market it for all its worth.
Summing it up: Four things affect the sale of a house. They are price, marketing, condition and location. There's an art to this stuff. Want to talk about it?
When you're ready to price your house for sale, you have tons of stuff to think about. When you need to move. What you're going to do when the house sells. How a sale affects family, work, etc. It's good business to talk with an agent about pricing, specifically about:
1. Availability - it doesn't make a lot of sense to put your house up for sale and make prospective buyers jump through hoops if they want to look at it. They won't buy if they can't look. So let your agent put a lockbox on and be ready to show your house at the drop of a hat.
2. The competition - know what else is for sale. Not just in your immediate neighborhood but in the greater community. Buyers have choices and a smart seller knows what they are.
3. Timing – how quickly you need to sell your home makes a big difference. If you need to be in another part of the country in 30 days, then price it accordingly.
4. The condition of your home - beautiful, move-in ready homes are very appealing, particularly to buyers who have been looking at trashed properties.
5. Terms - Are you flexible with closing date? If somebody is looking for a home that is move-in ready that they can purchase quickly, that may be a selling feature for you. If you are willing to offer a lease-purchase, that may be attractive to a buyer who wants your house but either has some credit issues to clean up or a down payment to beef up.
6. Warranty - Buyers often ask for seller to pay for a home warranty. Offer it. It's a good idea to have a home warranty on the home at the time it's listed - the warranty will transfer once a sale happens.
7. Amenities - What's particularly cool about your place may be appealing to a prospective buyer too. Maybe it is your floorplan, your spa, your neighborhood, your greenbelt. Amenities affect marketibility.
8. Lot size, trees, views, privacy, etc. - Location, location, location. Did I mention location? If you are fortunate enough to have a great location going for you, market it for all its worth.
Summing it up: Four things affect the sale of a house. They are price, marketing, condition and location. There's an art to this stuff. Want to talk about it?
Keller Williams Realty Belief System
Keller Williams Realty Belief System
The Keller Williams culture is based upon a belief system that is summed up by this acronym: WI4C2TS.
WI4C2TS
This means:
Win-Win – or no deal
When we face problems, we encourage the exploration of how everyone can win.
Integrity – do the right thing
We do what we say we’re going to do. We believe in doing the right thing.
Commitment – in all things
We walk the talk and we are not afraid of being held accountable by our clients.
Communication – seek first to understand
We are into curiosity, not judgment. We ask a lot of questions to understand your wants and needs.
Creativity – ideas before results
We work through issues by examining all aspects; options come first, then solutions.
Customers – always come first
Keller Williams Realty would not exist if it did not have customers.
Teamwork – together everyone achieves more
None of us is as smart as all of us. We succeed when we work together as a team.
Trust – starts with honesty
Trust is the basis of all relationships. Honesty creates trust.
Success – results through people
You get a team of real estate specialists all working for you.
The Keller Williams culture is based upon a belief system that is summed up by this acronym: WI4C2TS.
WI4C2TS
This means:
Win-Win – or no deal
When we face problems, we encourage the exploration of how everyone can win.
Integrity – do the right thing
We do what we say we’re going to do. We believe in doing the right thing.
Commitment – in all things
We walk the talk and we are not afraid of being held accountable by our clients.
Communication – seek first to understand
We are into curiosity, not judgment. We ask a lot of questions to understand your wants and needs.
Creativity – ideas before results
We work through issues by examining all aspects; options come first, then solutions.
Customers – always come first
Keller Williams Realty would not exist if it did not have customers.
Teamwork – together everyone achieves more
None of us is as smart as all of us. We succeed when we work together as a team.
Trust – starts with honesty
Trust is the basis of all relationships. Honesty creates trust.
Success – results through people
You get a team of real estate specialists all working for you.
Keller Williams Realty
Keller Williams Realty
Keller Williams Realty was founded in Austin, Texas in 1983. We are an international company with offices in the United States and in Canada. We are among the largest real estate companies in North America.
Two visionaries lead us: Gary Keller, founded and Chairman of the Board, and Mo Anderson, CEO.
At Keller Williams, we are real estate consultants, not agents, not salespeople. What this means is that we build fiduciary relationships with our clients.
There are no other international real estate companies that operate like Keller Williams. According to Inman News, Keller Williams is the most innovative real estate company in North America.
We are a profit sharing company where associates are in partnership relationships with the owners. This means t hat everyone at Keller Williams wants your home to sell because everyone benefits.
Keller Williams Realty was founded in Austin, Texas in 1983. We are an international company with offices in the United States and in Canada. We are among the largest real estate companies in North America.
Two visionaries lead us: Gary Keller, founded and Chairman of the Board, and Mo Anderson, CEO.
At Keller Williams, we are real estate consultants, not agents, not salespeople. What this means is that we build fiduciary relationships with our clients.
There are no other international real estate companies that operate like Keller Williams. According to Inman News, Keller Williams is the most innovative real estate company in North America.
We are a profit sharing company where associates are in partnership relationships with the owners. This means t hat everyone at Keller Williams wants your home to sell because everyone benefits.
Comparative Market Analysis
Comparative Market Analysis (CMA)
A comparative market analysis (CMA) is a tool to determine your home’s range of value. There are six elements to an CMA:
a. Recent sales;
b. Current listings (your competition);
c. Opinions of other real estate professionals;
d. Current financial market;
e. Expired listings (homes that have not sold);
f. Absorption rate (how many months of supply of homes are on the market; a one month supply = a seller’s market; a two or more months supply = a buyer’s market.
It is important to read the CMA from a buyer’s perspective.
My job is to help you determine a range of value that will make it possible for you to sell your home within your timeframe. Your job is to decide the actual price at which you will put your home on the market.
Keep in mind that buyers and sellers determine value.
A comparative market analysis (CMA) is a tool to determine your home’s range of value. There are six elements to an CMA:
a. Recent sales;
b. Current listings (your competition);
c. Opinions of other real estate professionals;
d. Current financial market;
e. Expired listings (homes that have not sold);
f. Absorption rate (how many months of supply of homes are on the market; a one month supply = a seller’s market; a two or more months supply = a buyer’s market.
It is important to read the CMA from a buyer’s perspective.
My job is to help you determine a range of value that will make it possible for you to sell your home within your timeframe. Your job is to decide the actual price at which you will put your home on the market.
Keep in mind that buyers and sellers determine value.
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