Opportunities Abound to Profit in 2008

Tumbling home values.  Soaring energy prices.  A topsy-turvy stock market and a gazillion other financial worries, not the least of which is whether we’ll spend the coming year mired in recession.

Considering all the black clouds hanging over the economy, you probably think there’s no way you can really expect to prosper in 2008.  It will be all you can do just to hang in there, right?  WRONG!

We firmly believe there will be plenty of opportunities to make money this year – yes, even in real estate – as well as ways to insulate your finances from the most serious economic challenges ahead.

The real estate slump isn’t going away soon, so whether you’re buying, selling or staying put, deal with it.

For sellers:

Forget what the ugly house next door sold for last year or even what comparable homes are listed for today.  Instead, use the going price of houses that have recently sold as a guide – then price your home even lower so it looks like a great deal.

Best case: Your aggressive pricing attracts more than one bid, pitting buyers against one another and ultimately lifting the final sale price.

For buyers:

If ever there was a time to drive a hard bargain, this is it.  Don’t be distracted by small stuff like whether the current owners will leave behind their appliances and window treatments.

Focus instead on what’s really important: getting the lowest price.  Do a little homework and find out what comparable houses have sold for lately.  Then start the bidding at 10% to 15% below that recent sale price.

Note: This strategy works best if there are several homes on the market in your area around the same price.

There are many other tips throughout this weblog for buyers and sellers.  We encourage you to spend a few minutes and look through them.  It could be worth a minor fortune if you pick up a tip here or there that could add dollars to your home buying or home selling strategy.