Home Selling Strategies for a
Normalizing Market
Posted by nick_niesen in Finance on November
8th Authentic
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After a solid five year run of record home sales, the market is readjusting
itself to a more normal level. Most of those who wanted to move have moved.
Interest rates are rising again, lowering the upper end ceiling for buyers
overall. With buyers qualifying for a lower mortgage today than they might have
a year or two ago, the buyer pool for higher priced homes is shrinking. The
large inventory of homes currently for sale is resulting in an overall downward
trend of housing prices. With increased
choices Justin
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decisions. As a result, longer market times may caution a buyer away from a
property.
There are three important factors for selling your home in todayæ?market:
condition, price, and time.
Condition reigns supreme over anything else. Buyers have so many choices
right now that anything that looks like it needs work can be enough to kill your
chances of selling. People prefer move-in
condition Ryan
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it takes to make it that way. It is worth the money to remove old wallpaper,
paint, replace carpet, and replace the roof if itæ?almost at the end of its
life. Offering an allowance doesnæ?work in these market conditions because
buyers tend to overinflate the costs of these
improvements Benoit
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you. Plus, with the number of homes for sale, if yours is the one that needs to
be painted, chances are itæ?also the one that wonæ?sell. There are
exceptions Rasmus
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good idea to discuss your home and your plans with your listing agent before
getting started.
A word about home improvements ?consider improvements as solidifying your
homeæ?value rather than increasing it when deciding on a price range. The
kitchen you recently renovated or the room you added may help your home sell
more quickly than the one down the street because itæ?in better condition, but
it wonæ?necessarily increase your homeæ?value. If youæ®e not looking to sell your
home right now, spending the money on upkeep and maintenance now can help you
avoid needing to spend a lot all at once when it is time to sell.
The second factor is price. You want to have the best price on the market.
That doesnæ?necessarily mean the lowest
price Robin
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aggressively because there are so many options available. If there are 40 homes
for sale in your price range, you want your home to stand out as the best home
for the money.
Misperception or misunderstanding of the current market conditions can lead
to improper pricing which in turn can lead to excessive market time or even no
sale at all. What you paid for your home or what your neighbors sold their home
for last year are irrelevant when deciding on your asking price. Factors you and
your Realtor should consider are your homeæ?current condition, the condition of
other homes for sale in your price range, the asking price of homes similar to
yours Zemgus
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Accurate pricing from the outset increases the likelihood that your home will
find the right buyer quickly. The first three weeks on the market are the most
important ?thatæ?when people are excited to see the new kid on the block. A
strategy of starting on the high end and then lowering it over time is rarely
successful in a normalizing market. By the time the house is where it should be,
interest has peaked and buyers have moved on.
Finally, accept that it still takes time. There are only so many buyers out
there and they have a lot of choices. Average market times have been three to
four months, so your goal is to reduce the selling time by carefully preparing
your home and improving its condition plus adopting an aggressive pricing
strategy. Then you just need patience and faith that the right buyer will see
your home and decide thatæ?the home for them.
Everyoneæ?situation is
different Sam
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and decide on the best strategy for your needs. Today it takes twice as much
work to be the best value in your neighborhood. Hard work and diligence can pay
off.
Today it takes twice as much work to be the best value in your neighborhood.
Hard work and diligence can pay off.
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