THE BEST HOMES STILL SELL FAST

Advice for Home Sellers and Buyers

People ask us: “Are we in a buyers’ market or are we in a sellers’ market?” It is impossible to give a blanket response. For homes that stand out among their competition, however, it is clearly a sellers’ market.

While there are fewer homebuyers than in previous years, there are even fewer homes for sale. The homes that outshine their competition immediately grab homebuyer interest as “the one” and are snatched up quickly, at or near the asking price. Homes that fall short tend to languish on the market, often lowering their price to entice an offer.

Here is some guidance for both sellers and buyers to navigate this market.

Sellers: Invest the Time and Effort

There is a clear correlation between the amount of time a home is on the market and the price it brings. Sellers that can secure a contract within the first few days of being on the market typically get close to asking price. It may be well worth the investment of time, money, and effort to make your home the one that all the buyers seem to want.

Obviously, the location of your home, as well as its age, size and floor plan are outside of your control. However, you do have the ability to make your home stand out among its competition - homes of like location, age, size, floor plan and price point.

By enhancing your home through strategic improvements, you can significantly increase its appeal to potential buyers. Examples of this include cleaning and decluttering, refreshing paint, landscape enhancements and lighting upgrades. More extensive upgrades, like new countertops or flooring, may also be warranted. Of course, always start with the projects that offer the biggest “bang for the buck,” and with an eye toward increasing market appeal.

Presentation is everything. Professional home staging and photography are a must for marketing any home. Photography is what brings the buyers to the home; it must be strategic, going beyond merely providing information to capture the very best of your home. Staging highlights the best features of your home positioning it to appeal to the greatest number of homebuyers.

Beating the competition requires understanding the competition. There is no substitute for market knowledge and understanding exactly how your home matches up against its competitors, particular at the time of pricing your home. This understanding, of course, drives the pricing strategy. The goal is to price your home at a point where it represents the best value among its competitors.

Buyers: Move Decisively and Spot Opportunities

Many segments of the real estate market are characterized by low inventory and high competition for the most desirable homes. The best homes typically go under contract within days of coming on the market. If you want to win, bring your ‘A‘ game.

Other buyers are likely to love the same “perfect” home that you love and for the same reasons that you do. Being fully engaged, educated on the market and decisive is the key to your success. You must “know it when you see it” and be prepared to submit a strong, quality offer that rises above any other offer. It is important to keep in mind that price is only one term in a contract; understanding and meeting the seller’s needs can go a long way in winning the deal.

An alternative buying strategy is to avoid the competition and consider good homes that have languished on the market simply because they fall short of the market-coveted “move-in-ready” standard. Think quality real estate, the value of which is unlocked in seeing what other buyers can’t see or a willingness to do what other buyers won’t do. A simple example would be combining a vision with time and patience in renovating an otherwise great property. These homes always have less competing buyer pressure and can be purchased at a relatively great price.

Both Sellers and Buyers:  Get the Best Professional Help

Having an agent with up to-the-minute access to market information, proven marketing skills, and strong contract and negotiation savvy are a must under any real estate market conditions. Trust Sage to help you achieve your real estate goals.