Wednesday, 12 October 2011

My First Home Sale near Washington

Every time I watch My First Home Sale I end up feeling really sorry for the home owners and the state of the US economy. In this eposide we follow a mom and her son trying to sell their home so they can move a lot closer to the new high school she has enrolled her son in so he has a better chance at being successful as a football player.

Now she is selling a townhouse just outside of Washington DC so you wouldn't think that the local economy would be all that bad, but it seems the housing market certainly is. When we pick up the story the home owner has her condo listed at $250,000 on the MLS system and has rejected an offer $233,000 as far too low.

Well over the course of the show the $233,000 offer ends up being a pretty good one since we watch the home owner lower there price several times chasing the real estate market lower and lower over several months.

Overall very sad.

However the real estate tip to remember is that your first offer is usually your best offer and to not chase a falling market. In a falling real estate market you just need to accept that the prices are dropping and get out in front of it and move on.

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