As we are all seeing the shift in the real estate market, it is important to keep a good pulse on it, especially if you are considering selling your home this year. Good news for sellers … inventory still continues to be very low in our area, which in essence keeps home values in a good place. But with spring peeking its head out … and it may just be a little sooner than we think, this will be the bigger tell-tale to be mindful of as we look forward to the spring real estate market.
If you are in a place where now is the time to “make your move,” it is important to keep the following in mind …
Price It Right!
I can’t stress this enough! Pricing your home correctly on “Day 1” is key to getting the activity and interest needed to get your home under contract, and to the closing table! There are many factors that surround these strategies and speaking with a local real estate advisor such as myself, can help you navigate your way through the process. As those who know me, know my favorite saying is, “we only know what we know now,” and gathering all the information you need to know now to “move forward” is key. Perhaps there will be a few things you’ll need to do to get your home “show ready” prior to listing your home that will gain the most value for your home is good information to know now. On the other hand, there may be things you “think” you need to do to get your home “show ready,” that you really don’t. This is good information to know and conversations you should be having with your agent right from the get-go.
We are getting back to basics – getting back to a more “normal market” if you will. No longer can we “price ahead of the market” and then expect to get at or over that asking price. The risk you bear for over-pricing a home in this shifting market is “time & money.” Don’t get me wrong – we are still very much in a seller’s market – but it is not the same “crazed” market that we had experienced the last 2+ years. If we are to be successful in this market, we must accept the fact that the market is changing, and we need to adjust our expectations along with that change.
First step, speak to a trusted real estate advisor, to discuss what your real estate goals are, and how your agent of choice will help you get there. You will want he/she to prepare a Comparative Market Analysis (CMA) on your home to see what your home’s value is in today’s market. Fast forward …once you have all your information, and a plan in place, and you have now made the decision to make your move – my best advice to you would be the following – aside from getting your home “show-ready,” price your home right! Homes that are priced right, will sell quickly. Pricing your home at market value based upon current market conditions will attract a larger buyer pool that could ultimately net you a higher price. Pricing your home right on “Day 1” is critical, and in not doing so, you may find yourself “chasing the market” and ultimately netting less than you would have had you only priced it correctly to begin with.
Case in point …
I just closed on a property, (under contract in less than a week) – where the sellers gained close to an additional $50,000 in equity value on top of their already built in equity … which was well over what they ever thought possible. How do you ask? By listening to my advice and pricing their home right!!!
When I first met with my clients/aka friends … to go over the marketing and pricing of their condo prior to placing it on the market … I just asked them if they had any idea of where their value was, and where they believed their list price should be? Let’s just say, I was right … and they were happily very wrong!!!
Are you wondering what the current market value of your home is? Feel free to contact me. I would be happy to provide you with a complimentary market analysison your home!
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