Selling Real Estate Is Simple, But Not Easy!
Contrary to public belief, selling real estate in a hot market is actually more difficult than in a normal market. Multiple Offers are harder to deal with than individual offers. Low Inventory is very challenging compared to a normal market. Prices above asking price create appraisal challenges. Low mortgage rates drive loan demand; high loan demand creates longer loan closings. Rising prices set false expectations for Sellers.
Is the market is HOT! But, not for all. Pretty houses priced well sell quickly. Ugly houses priced well sell fast.
At the risk of sounding redundant, pretty houses that are overpriced are not selling and ugly houses that are overpriced are not selling. So the Key is: Price. How do you find an attractive price for your home? You get advice from a well trained Real Estate Agent in your Local Market!
Zillow is a Resource, it is not a Guide. Did you know the CEO of Zillow sold his house for 40% below his own company’s Zestimate?
A quick personal story. One of my neighbors listed his home. It sold at full price the day it hit the market. The listing agent canvassed the neighborhood looking for others with that type of home as more buyers were interested in the home that sold so quickly. One neighbor said yes, they’d be interested in a quick and painless sale. The agent brought a buyer and they struck a deal. This neighbor told me about their quick sale, quite proud of his accomplishment. I did some research after the fact, which revealed that while the price he accepted was good, he likely left about $50,000 on the table by not exposing the home to the competitive bidding environment e.g. listing it with a local expert agent and utilizing the MLS.
Don’t leave money on the table! Call your C21 Beggins agent and we'll perform a FREE thorough strategic pricing analysis. This includes an in-depth analysis of the active listings, sold listings and pending properties which all need to be considered to properly price a home.
We need more homes to sell, and this situation is not going to get better until NEW Construction ramps back up, and that takes time. Out-of-State demand, coupled with local moving around, is pushing prices up, hence multiple offers and sold prices above asking price. And these generationally low interest rates, along with Low Down Payment Options for Purchases and Renovations, are enabling more people to afford homeownership, and they’re looking to purchase now.
Here’s one of my favorite sayings: Awareness gives you Flexibility, Flexibility gives you Options and Options give you Power. When you hire a Century 21 Beggins Agent, we’ll make you AWARE of what’s going on in the market, so you can be FLEXIBLE and understand your OPTIONS. If you’re even remotely thinking about moving up, moving down or simply moving around, we look forward to helping you experience a great transaction.
Until next time, may you have fair weather and following seas!