Time and time again, McGeough Lamacchiahas stressed (and over stressed) that this IS a buyers market. Prices are low and interest rates are even lower, however, many sellers may be left scratching their heads wondering, “So how do I sell and price my home?”
A first step advised to all sellers who are hoping to sell their home quickly in this buyers market is to contact a real estate agent. A real estate agent can not only help with the logistics and legalities of selling a home but they can also help with market research, appraising as well as advice on what qualities buyers in the area are looking for in a home.
Sellers should take a drive around the neighborhood and see what homes are selling, why they’re selling (are they a short sale? Are they a foreclosure?) and what price they’re selling at. The first price that comes to many sellers mind when listing their home for sale is double what they bought it for, which unfortunately, will not sell in the economy today. Although all signs are showing a slow and steady upswing in the housing market, prices still continue to stay low and/or continue to drop. If sellers expect to sell in today’s market, they have to price strategically.
Home buyers in today’s market are on the hunt for a deal. They’re looking for motivated sellers, for lowered prices and many are going the route of buying a short sale or buying a home in foreclosure. First time home buyers are looking to get the biggest house they can afford for the least amount of money as they enter into home ownership and with the economy affecting job stability, many are choosing to stay put in one area and therefore, looking for homes they can grow into.
Sellers need to consider these factors in addition to the advisement from their real estate agent. Asking for an appraisal can also help as well as competitor research. An additional factor for pricing a home is how quickly the home needs to be sold. If a new home has already been purchased and the home needs to sell quickly, the seller might have to accept the fact that the price will need to appeal to a buyer who’s looking for a deal to meet their tight deadline.
McGeough Lamacchia encourages all those looking to sell their home to at least touch base with a real estate agent to discuss price points and seek advisement when selling their home.