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When it comes to selling your home, the phrase “all real estate is local” accurately describes how you should view your individual circumstances. National trends in real estate do not necessarily reflect what is happening in your town, city, or region. Prepare yourself to make smart decisions about the sale of your home with these five local real estate factors.
1. Know Your Market. A seller’s market has high demand and low inventory, resulting in quick sales and premium pricing. On the other hand, a buyer’s market has many homes for sale, requiring flexible pricing and incentives. Most housing markets fall somewhere between these two extremes, so it’s essential to keep an eye on the local trends and fluctuations in supply and demand to make informed decisions.
2. Price It Right. Setting the right price for your house depends on various factors, such as the price range of similar homes in the area. Homes in the busiest price ranges typically have the largest pool of buyers, so it’s essential to make sure your house meets buyers’ expectations. Attend open houses for similarly priced homes to see how your property compares.
3. Consider Your Time Frame. The length of time you have to sell your home affects your flexibility on price and terms. If you’re not constrained by a deadline, you can be patient and wait for the right buyer and price. However, the first two weeks after listing are critical. If there’s little interest, you may need to evaluate your price and lower it to attract more buyers.
4. Condition Matters. You may have the right number of bedrooms and bathrooms, but if it is apparent that work needs to be done, buyers will look for better quality. In many markets, buyers are looking for a turnkey house that is move-in ready. Consider improvements you may need to make or price according to work that needs to be done. Most people will overlook minor repairs if the kitchens and bathrooms are updated.
5. Present Your Home Well. Once you list your house, it becomes a product for sale, no longer your home. Clear out excess furniture and decor to create spacious and bright rooms. Buyers are looking to visualize how their furniture and lifestyle will fit in the space, so it’s best to leave the house when they’re touring. This allows them to have a productive discussion with their agent.
Selling your home requires knowledge of your local real estate market and current buyer expectations. Stay objective and realistic about pricing and take steps to maximize your return on investment.
