Is it Still a Seller’s Market?
The data says yes. Low inventory, buyer demand, and rising average prices speak to the sellers having the advantage. But, is it a seller’s market for everyone?
The saying in real estate is “Location, Location, Location.” The Kim Pease Team believes that popular adage to be true. But, there is much more to selling than just location. We are coaching our sellers on how to Prepare, Present and Price right.
When market times are less than a week, one might think they can skip the painting and repairs, but buyers today are not only paying more for a move-in ready home–they are expecting it. The homes that are most successful in receiving swift offers have owners and agents that have been working and preparing weeks if not months in advance. Decluttering, pre-inspecting chimneys & sewer lines, and landscaping are worth the investment.
Homes with fresh paint and very limited deferred maintenance needs are very desirable. Professional photography and staging show the home in its best light both online and in person. With historically low interest rates, a buyer has the ability to easily borrow more for a move-in ready home. Homes that do not show well and need work are getting passed by as a result.
It is easy to think in this market that listing at a higher price will net a seller more money. In fact, the opposite is true. As the market has adjusted list prices up this summer compared to spring, buyers’ activity has cooled off a bit. Buyers are not so quick to pay thousands over the asking price or even write an offer if they feel the seller has priced their home too high. If sellers want to achieve the same outcome their neighbors received on the sale of their home this past spring, it may be wiser to look at where the neighbors originally priced their home versus what the home sold for. Basing a list price off that number will likely pay off in the end.
Whether you are thinking of buying or selling, our team continues to stay on top of the market and can help create a successful strategy. Have questions? EMAIL US.