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Seller’s Guide
Thinking about selling your house? If you've been waiting for the right time, it could be now while the supply of homes for sale is low.
The National Association of Realtors (NAR) confirms today's housing inventory is low by looking at the months' supply of homes on the market. Months' supply means the number of months it would take the current inventory of homes on the market to sell at the current sales pace. In a balanced market, about six-month supply is needed. Anything lower is a sellers' market. And today, the number is much lower.
Questions About This Property
WHY DOES LOW INVENTORY MAKE IT A GOOD TIME TO SELL?
The less inventory there is on the market when you sell, the less competition you're likely to face from other sellers. That means your house will get more attention from the buyers looking for a home this summer. And since there are significantly more buyers in the market than there are
homes for sale, you could even receive more than one offer on your house.
SETTING THE PRICE
The price is the first thing buyers notice about your property. If you set your price too high, then the chance of alienating buyers is higher. You want your house to be taken seriously, and the asking price reflects how serious you are about selling your home.
Several factors will contribute to your final decision. First, you should compare your house to others that are on the market. If you use an agent, he/she will provide you with a CMA (Comparative Market Analysis). The CMA will reflect the following:
Houses in your price range and area that were sold within the last half-year.
Asking and selling prices of houses.
Current inventory of houses on the market.
Features of each house on the market,
From the CMA, you will learn the difference between the asking price and selling price for all homes sold, the condition of the market, and other houses comparable to yours.
Also, try to find out what types of houses are selling and see if it applies to your area. Buyers follow trends, and these trends can help you set your price.
Always be realistic. Understand and set your price to reflect the current market situation.
GETTING THE HIGHEST PRICE IN THE SHORTEST TIME
In order to get the highest price in the shortest time, you need to know how to market your home. The better you market your home, the more offers you will get. And the more offers you get, the more choices you have to get the price and terms you want.
The most important factor of marketing your home is pricing it right. Your price should be adjusted to reflect the market and your property’s worth. The key is to get as many people as possible checking out your fairly priced property. If your property is not priced fairly, there will
be no buyers because your price is set too high.
Another important factor is the condition of your home. Make sure that your home looks ready to be sold. Fix any defects (peeling or faded paint, cracks, stains, etc.) Condition alone can sometimes prompt fast buying decisions. Not only should you fix any defects, but consider
upgrading your home by making major repairs and cosmetic improvements before selling. A nice looking home triggers the emotional response that can lead to a financial response.
Learn how to negotiate the best terms for all parties involved. Terms are another factor that may be adjusted to attract buyers. If you insist on getting your asking price, think of what you can offer to the buyers. For example, improvements you’ve made or even offering seller financing at
a lower than market interest rate on a portion of the sale price. Convince them why they should be paying the price you have set.
Lastly, get the buzz out about your home. List your house with a hot agent that ensures your house is listed on the MLS and on the Internet. On your own, get the word out. It should always be visible to passersby that your house is for sale, whether it is through signs, local advertisements or you telling friends, family, and acquaintances.
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