Tips for Listing a Home for Sale
Getting ready to sell? The more you know about conditions in your local market, the better your chances of getting the best possible price for your home. In many cases, making a smart deal and getting the best price come down to studying your market and being an educated seller.
1. Recognize that housing markets are local
Demand will change depending on the price range and even the neighborhood. You need to determine what the demand for a house like yours is in your specific area? You have to look at what's being sold and at what price. Look at the comparables for similar houses. What are the trends? Are prices going up or down — and by how much? How many days are homes staying on the market? If they are on the market longer, how much of that could be seasonal? In many areas, spring and summer are the busy seasons.
2. Analyze who is buying and selling in your market
What homes are your competition? Who are the buyers, and why are they shopping? Are you competing against a flood of new houses from builders eager to sell, or are you selling a newer home in an area where most of the housing stock is older?
3. Assess the market where you plan to buy
If you're selling one house and buying another, look at the market where you plan to move. In many instances it might be a great time to buy there creating an urgency to sell your present home. Or you may find that you are willing to move a little slower and find the buyer willing to meet your asking price.
4. Ask the professionals
When you interview real-estate agents, ask about the market conditions for your area and price range. Specifically, ask about the "absorption rate" or in the current conditions with the current inventory, how long would it take the market to absorb, or sell, all the houses on the market? If the supply is much larger than the demand, ask potential agents how they would "price to offset that inventory. Talk to a handful of agents and look at your comparables. Taken together, that information will give you a pretty narrow view of what your home is currently worth.
When it comes to selling your home, you are embarking on a transaction involving the largest asset you have. Why would you not trust that to an expert? Many people consider selling their house themselves to save the agent’s commission, but what they don’t see is the difference in the house being on the market longer or selling it for a lower price. Team Johnson of Alta Realty Company knows what it takes to get the job done. Put the power of a team to work for you.
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