Take a Deep Breath!

March 27, 2007

Take a deep breath. Real estate markets are cyclical. We had an upswing that was longer than some past up markets and now it is leveling. Presuming that the future resembles the past, this period of adjustment is normal. What seems to me to be more unusual is the amount of media attention that has been given to the trends in housing. Headlines abound and sellers and buyers are unsure of what is their best option - sell, buy, wait.

The best option is always to assess your housing needs. If you are a buyer and you find a house that will give you the environment in which you want to live and the price is right, buy it. If you are a seller and you need to move on, list it at the best price for attracting a buyer.

In the meantime, if you are a seller, this pause may be a good time to check out the condition of your home. According to the Ohio-based Home Team Inspection Service the 10 most common home defects include:

1. Poor drainage that allows water to damage the foundation;
2. Faulty heating or cooling systems;
3. Mold, asbestos and other environmental hazards;
4. Inadequate ventilation;
5. Neglected appliance maintenance
6. Plumbing problems - drippy faucets,leaky pipes;
7. A leaking or damaged roof;
8. An addition or other major project done without permits
9. Electrical issues (ball and tube wiring, fues rather than circuit breakers;
10. Rotten wood from water intrusions.

Fix these now and you will have a better sale.