Pascack Valley Real Estate News - Be Careful What you Wish For!

"Be careful what you wish for" is one of my favorite sayings in life.

Suppose you can call me superstitious - or am I? Maybe I just know what's good for me. In the current real estate market many agents are hoping to secure as many listings as possible to get them over the hump of the lean times. After all, we do all work on commission and only get paid once a listing sells and closes. Therefore, the more listings you have, the better your odds become. That's the theory. However, taking or having an overpriced listing could backfire and cause a multitude of unsavory issues.

But it's a very scary time we're facing in the real estate market right now. There are many who joined the real estate market when times were great. Ahh...the biddling wars! Those were the days my friend! In today's market, once in a great while, a Seller will have the need to sell. There may have been a life altering event or just the desire to move. Those Sellers may take the advice of a real estate professional and list in an effort to actually get the best price "possible"! Now there's a concept that seems to be a thing of the past.

So now what? Are we heading back in time when the market represented those who had an actual need to Sell or Buy? What is happening to mortgage rates? Will only those with traditional standards be able to qualify? What will become of the property appraisals? It used to be said that a home is worth what a ready willing and able Buyer is willing to pay. But do the banks still agree with that?

If you're a Seller wishing for yesterday's prices, you may be surprised to learn that those prices are part of yesterday's market. If you're a Buyer wishing for desperate Sellers to lower their prices down so far that the Buyers will see value, you may find yourself in competition again.

Isn't it best to remember what your goals are and work with a professional to get the best scenario for your situation? Wishing and hoping for unrealistic outcomes may bring you unpleasant surprises. Whether Buying or Selling real estate, Be careful what you wish for!

For up to date Listings and Real Estate Tips in the Pascack Valley area of Bergen County, New Jersey, call Bob & Lisa at (201)218-6802or visit us online at www.HammersTeam.com. We're you're Pascack Valley Real Estate Resource. The Team That's on "Your" side!