Finding balance in today's market.

Knowing the difference between wants and needs -- and staying faithful to those differences when buying or selling real estate -- is as important now as ever.

As a seller, determine what you need to do.

• Must you sell in today's market?
• Is illness forcing the sale?
• Are finances forcing the sale?
• Is a job transfer forcing the sale?

If the answer is yes to any of these questions, there is little room for options. You need to sell.

What do you need?

Do not worry about what your neighbor thinks of the price you place on
your property. No one has exactly your same needs. Sellers should do what they need to do to show their home on a moment's notice -- clean, paint and freshen the exterior and interior of the property, and most important, price correctly and be willing to negotiate. We are all dreaming of the day this buyer's market will change to a seller's market.

We do not know if we will ever see real estate appreciation like we had in 2005, but home ownership is still a part of the American dream. And with home ownership, you build equity and with it a measure of financial security.

What do you want?

• What are your wants?
• Do you want to scale down your lifestyle?
• Do you want to move up to a larger home for your growing family?

Today's real estate market will allow you to buy low, but you likely will have to sell low as well.
I recently listed a home for clients of mine. They wanted to pay off their $100,000 mortgage, buy a home for cash and live debt-free.

Of course, I said, "You know this is not the best time to sell, but it is an absolutely wonderful time to buy."
They agreed and followed my suggestion of coming into the office to review the sold and listed properties in their neighborhood. Once we established a value of their home, I gave them an idea of the cash they would receive at closing after paying off expenses and their mortgage.
We then found properties they could purchase with the cash they would have. This young, very smart, couple found townhomes, newer than their former home, and with the same living space. Such a smart couple.

We would all like to have our home paid for by the time we are 40. They are scheduled to close on their "dream townhome" on Monday. There is something to be learned from those who follow their wants and needs and make it all happen.