Being a Home Seller In Today's Housing Market
Much like being a buyer in today’s housing market, being a seller nowadays is different than it was just a few years ago. While market conditions vary from location to location and each home sale is different, many areas are showing a noticeable uptick in prices and a decrease in time on the market.
If you’re looking to sell, here are a few things to keep in mind:
Hiring a Professional. Back in the mid-2000’s, some homes were selling so fast that many sellers felt no need to hire a real estate agent. Today, although some homes are selling fast in certain areas, we haven’t seen the return of those crazy market conditions, so hiring a real estate agent should be the first thing you do.
Initial List Price. Even though home prices have risen recently, you should still set a reasonable and fair initial list price. Don’t even think about trying to get the same price as you would have seven or eight years ago. Your real estate agent is your best resource for setting your list price as they know the market best.
Average Time on the Market. As we mentioned, average time on the market has decreased nationwide over the past five years. However, that doesn’t necessarily mean that yours will sell fast. You’ll need to work with your agent to formulate a good marketing plan and a solid overall selling strategy.
Repairs and Remodeling. Before you undertake any major remodeling project, check with your real estate agent. You don’t want to price your home out of the market. As always, you’ll need to make any needed repairs before selling, but don’t start any major renovations without consulting with your agent first.
Flexibility in Negotiating. Keep in mind that the goal is to get your home sold, so being flexible during negotiations will work in your favor. Since negotiating is part of the process and you may have to make concessions to close the deal, try to have an open mind when you deal with a potential buyer.
Understanding the Market. Even though we may be seeing more of a seller’s market, don’t overestimate the current conditions. By doing so, you may end up with a home that doesn’t sell because it’s priced too high or because you weren’t flexible enough. Trust your real estate agent and rely on their expertise and knowledge.
The Basics. In the end, the basics of selling a home still apply. Getting a pre-listing home inspection, staging your home for sale, and keeping your home in the best condition possible are all things that you shouldn’t forgo—no matter what the market conditions are like.
For more than 25 years, Omega Financial has been serving mortgage clients in Massachusetts. Our brokers have approximately 50 years in the mortgage business. You always will receive fast, courteous, and accurate information. Omega Financial, Inc. is a company duly licensed to operate in Massachusetts as a Mortgage Brokerage. We are located in the Town of Norwood, Massachusetts where we have been operating as Omega Financial Incorporated since 1988. Licensed by the Commissioner of Banks - License No. MB2671
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