Without a doubt, the most important step in pricing your home is to contact a respected Realtor who will provide you with a market analysis for your home.
It may be that your home will take a little longer to sell in the current market and it may sell for less than it would have in last years fast market, however, the upside is that you will also be a buyer in a slower, less volatile and competitive market.
Thanks for submitting your question. It's true the market is slow now, but we are seeing things picking up for homes priced under $300,000. I've actually seen some homes receive offers in under 30 days. If you are wanting to move, your first step would be to make sure your home is in good condition and that there aren't any needed repairs. Price is very important, and if you are considering selling, you should price your home accordingly. Too often people price their home high, and say "I can reduce the price later". This is not a good idea, because a new listing receives its highest activity in the first two weeks. Most buyers are searching the internet and know the market. If a home is overpriced, they will pass it by and later when the price is reduced, they will never come back to that listing to look at it, so you lose all those potential buyers. Choosing a good price is done by comparing similar homes to yours within a mile or so radius - homes currently on the market and homes that have recently sold. Some of this information can be obtained via the internet. I hope this answers your question. Christine Baker, Windermere Metro, Tacoma, WA.
Our market now is slow compared to the frenetic pace of the last few years, but it is vastly improved over January according to MLS statistics. We are in to the early spring marketing time, which is typically one of the best times to sell herein the Northwest. One of the agents who answered this question mentioned having 45 people at a recent open house in the North End, but did not mention if the home sold or not.
The homes that are selling, as opposed to those that are sitting on the market are the homes with high perceived value. That value can come from a high emotional response to a wonderful home, or from 'getting a good dealâ€™, which often translates into a lot square footage or extra amenities for the price
A lot really comes down to why you might want to sell. If you are planning to buy a more expensive home, now is a fantastic time to buy. There is a lot of inventory for you to choose from, many great buys, and most sellers are will consider contingent offers, which was almost unheard of when the market was red hot, so you have nothing to lose if your home does not sell. You are likely to sell your lesser priced home for a little less than it might have sold for previously, but you should be able to make an even better buy on the more expensive home of your dreams and then you can ride the market back up in your beautiful new home.
Of course there are a myriad of reasons for needing/wanting to sell. I suggest you sit down with a very experienced, knowledgeable agent who will take the time to help you come to the best decision for you and your particular circumstances. Please feel free to visit my web site and contact me if you wish. Good Luck!
Here's are some questions to ask yourself to determine if now is a good time to sell.
1) Is your move motivated by a life change, e.g. job transfer, marriage, death, children, up sizing, downsizing, ect. If so sell now.
2) Do you have to sell in 30 days? 60 days? 90 days? in order to accomplish a goal. If not, don't bother to sell. A longer time on the market only devalues your home.
3) If you plan to acquire a higher priced home, do it now. This is a great time for buying high end homes because negotiations are strongly in your favor and the reduced sales price on your lessor valued home is easily compensated by the savings on the more expensive home.
4) Are you behind on your payments? If so, sell now!
The real estate market is price driven and an expert agent who knows your local market is the person to seek out. They will provide an accurate reflection of all costs and your net proceeds if you were to sell. Don't worry about price, net proceeds after the sale is the ticket.
Hope this helps.
Depends on your situation. There is a lot to consider. I would need to know specifics to be certain.
Price is important as certain areas do sell faster. If you want to move, have you considered refinancing and using your equity to purchase your new home. Making your current home a rental until the market is better. You have 3 years befor you would have to pay capital gains. It's just a thought.If you have any questions please feel free to call me.
You can check out my web site and see that part of my business plan is helping others build wealth thru Real Estate.
It is always a good time to sell. I mean that statment. It is just what you are looking to get out of the deal. I did an open house on Sunday and had 45 buyers in North Tacoma. We do have a lot of homes on the market right now, but you never know if yours is the right one for a buyer looking. If you need any help let me know.
Blessings and Good luck...
Mark McFarland (Windermere So.Inc.)253-230-7142
Great question! Of course any time is a good time to sell, you just need to have the information to understand your current market, and what it will take to successfully sell. Then you will be able to determine if it is a good time for YOU to sell.
I can appreciate that your head must be swimming with advice from co-workers, friends and family about price, but the thing that must be first in your mind is this... What do you need to get out of the property? Do you have to sell or is this a want? How much time are you willing to take to accomplish this goal?
Depending on where you go in the market, and how much competition a home like yours has on the market, getting your price might be harder than you think. For example, Spanaway/Puyallup tends to need a bit more creative marketing than places in South Tacoma or University Place. Don't be disheartened though...even if you do have a lot of competition, a fairly priced home will almost certainly guarantee a successful sale.
The name of the game today is not price to sell, but rather the strategy to get people interested in your house. Once we get them there, the house should sell itself. The more people we can drive to your home, the better chance of it selling at a great price without having to give away the farm!
Send me an email and I would be happy to give you the statistics for your area and help you determine if now is the right time for you to sell based upon your goals.
The most important factor is to do your due diligence in preparing your home for sale. That means interviewing multiple agents and choosing a realtor that you are comfortable with, who has a marketing plan that you can work with and who will make the sale of your home their priority. They should all bring comparative market analysis reports to you so you can price your home correctly. The biggest mistake in this market is thinking you will still be able to price your home high and receive multiple bids with a sale in a day.
Also, very important is preparing your home to be 'show ready'. Any projects you have been putting off should be completed. This may even mean hiring a home inspector to do a pre-listing inspection. Think of this as insurance against surprises during the transaction. You don't want to give the buyer any reason to get the agreed upon price lowered or walk away because there is a major issue with your home that could have been fixed prior to the listing. Anything that comes up on the pre-inspection will have to be documented in the seller disclosure but it is always better to disclose something that has been taken care of than all parties being surprised. Items not used or cluttering the home should be removed, and not just to the garage but to a temporary storage unit. It may help to hire a stager that will assess your home's furnishing and arrange them in the most appealing manner.
These are just a few places to start. If your home is in top condition and priced correctly there is no reason you shouldn't be able to sell your home for the right price even in this 'buyer's market'.
I'm not going to lie to you and tell you that now is "the perfect time to sell." But personally, I've really seen some things in the local market pick up in the past couple of weeks. It is a buyer's market which really means exactly what you said...price it right and it will sell.
How do you do this? Compare other comparable home sales in your area to your home and evaluate price based on that. Make sure that your comparable data is fairly recent...especially with the slower current market.
The easiest way to do this is to talk with a couple different realtors from your area. Just about any realtor is willing to give you a market analysis on the value of your home for free. You can compare the data that each realtor used and what they claim the value of your home is.
One word of warning though...don't let your emotions get so tied into the value of your home that you feel that it is worth more than it actually is. Just because one realtor quotes a higher price for your home value doesn't mean they are correct and that it will sell for that price. Make sure that you look at their reasoning for choosing that price.
I hope that helps. It is a great time to buy so I hope that after you sell you will be reinvesting any equity that you gain into a new home...that is where you will come out the most ahead in this market!