REAL ESTATE SPOTTLIGHT 53207 — Price it right
December 1, 2016
By Toni Spott
Thank you for joining me for my inaugural real estate column. This monthly column will be all about real estate and how it applies to Bay View. The real estate market can be a fickle thing. It goes up; it goes down. It’s usually up when you are trying to buy and it will go down when you are trying to sell. Murphy’s Law, right?
Currently, we are in a seller’s market phase in Bay View because there is such a shortage of homes for sale. There are also a lot of frustrated buyers. As soon when a home comes on the market, the seller receives an offer the first day. But, of course, not your offer.
Listings seem to vanish within days in Bay View. That is, if the home is priced right.
Let’s take a look at that.
If a home has been on the market for an extended period of time and it’s a great home with new updates, etc., but isn’t selling, it’s because the price isn’t right.
If it’s in need of a total makeover, and there is no interest, again, it’s the wrong price. A home will not sell until it is priced right. So what should you do to be smart and ready in a tight market like this?
Make sure you have a lender who has pre-approved you, then find a good agent to represent you. You want to find someone who will educate you about the home buying process and what you need to do to purchase a home.
They should also inform you about the market itself. What is listed in your price range, in the area you are looking, and what are those homes selling for? Remember, a listing price is only the asking price. The seller may indeed sell it for that listed price or for over or under it.
Again, the market sets the price when it comes to a home sale, not the seller, not their friends or family, and not what they paid for it. It is the price the buyer pays for a home that determines the final price.
If you, as a buyer, have done your homework, you should be able to make smart decisions that work in your best interest. Be cognizant of the current market in the area where you want to buy. Know what homes are selling for.
As a seller, you should make sure you are working with a knowledgeable, honest, proactive agent who knows the market in the area where the home is listed. Make sure the agent does more than just put a sign in the yard. Even in this seller’s market, your home needs stellar marketing.
Also, never assume it will sell right away. A good agent should actively market and promote your home until it is sold or until all the contingencies are exhausted.
Email me anytime with any questions you may have.
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