You have probably heard that the real estate market is hot, right? Properties are getting multiple offers, often selling over the asking price. But did you know that home sales are actually down this year? It's true! Due to tight inventory (lack of homes on the market available to buyers) home sales are actually down. So how does this affect you and your neighbors? A common conversation I have been hearing among my neighbors is "Can you believe they're asking that much? They're never going to get that!" And then... look at that. They got full asking. So we see that home values are on the rise. This is great as a homeowner. Your home is an investment, right? Absolutely! I will share with you an observation I have made recently. I have seen a number of sellers looking to "cash in" on the great seller's market that we're in by listing their home now, rather than waiting a year or two which may have been their original plan. A trend I am seeing however is setting what might be an unrealistic expectation for a sale price based on the rise in value and lack of inventory. And yes, there are homes that are not selling right away, and even being on the market for a prolonged amount of time and then dropping out of the market altogether.
So how do you avoid being one of those homes that sit on the market? The first thing I recommend is interviewing Realtors. Interview Realtors who are either a personal referral, or the next best thing, have good online reviews. Interview at a minimum two Realtors who are familiar with and have success selling homes in your area. Real estate is subjective in many different aspects which is why it is important to speak to more than one Realtor. One piece of property is going to be worth more to one person than it may be worth to another based on that buyer's goals and lifestyle. Find out how those Realtors would express to prospective buyers the attributes that your home has that will bring the highest price, and set it apart from other properties on the market that they are viewing. You will of course also want to get their opinion as to the market value. Keep in mind, this is always an opinion, and again, it is subjective. Your goal should be placing your home in the market place at a price point that will find the right buyer for your home. The market will ultimately determine the value! Ask your Realtor what their specific marketing plan is for your home. For example: How strong is their online presence? Do they use a professional photographer? And finally, choose a Realtor who you can talk to. Somebody you feel that will be honest and have open communication. It is not always about numbers, but it's also about relationships. A good relationship can be what ends up making your transaction a positive or negative experience!