Right now ITS A SELLERS MARKET ! If you are thinking of Selling...Think about these 3 simple rules & you will come out on top, taking advantage of this HOT market. (Because it will possibly be over in 60-90 days)
#1- Get moving! Get your home on the market ASAP. The market changes every 3-4 weeks. It goes in Cycles. In a month from now more inventory will be on the market, 60 days from now, even more. And it will probably be a Buyers Market by then. You will have missed your chance.
#2- Get staging & fixing up your home BUT don't let it hold you up from putting it on the market.
#3- Price it to sell within 30 days! Be Realistic. With the help of your knowledgeable Realtor, together you will come up with the proper list price for your home to sell quickly. Homes are being sold very quickly right now BUT only homes that are priced to sell &/or show well & are priced well. Anything even $10,000 over priced is just sitting on the market regardless of all the aggressive buyers out there. Those buyers are being cautious & aren't stupid. They know there are plenty of homes about to hit the market in the next 60-90 days. So they can afford to wait it out.
How long do you want your home on the market ? Here are some great points about the negatives on over pricing your property.
AN OVERPRICED PROPERTY....
Lower Offers/If any at all - as your home remains unsold for a long time it causes buyers to be wary, thinking the seller is more desperate & will make a lower offer if at all.
Your Home Becomes Stale - If your home is listed over 60 days unfortunately it becomes stale on the market. Realtors start to over look it & not to mention buyers. You end up trying to ride out buyers cycles which seem to change every 30-60 days.
Can turn a Buyer from one area to another. A great example in our city is the Northend vs Southend. Buyers in a very popular price point of $150-$180 soon find out that northend homes in that price range come with a huge amount of cosmetic work vs. coming into the southend neighbourhoods such as Sherwood Village & Cornation park can get them a move in ready home with very little costmetic work to do.
Holding costs - Consider costs For three months,now consider six months, then up to one year. Utlities, taxes, Insurance, all these things add up. Reduces advertising response. No matter how the realtor is marketing the property, how much money they are spending & how many open houses they are doing on the property. If its Overpriced, its overpriced!
Loss of promotion- Overpricing creates realtors to lose enthusiasm. Not just your realtor, All 250 agents in Sarnia. Most agents know when a property is overpriced, seeing it in person or not. They will skip showing it to their buyers. One of the jobs realtors (GOOD Realtors) have with buyers is protecting them from over-paying for properties.
It's a Sellers Market but you must be realistic about your price ! Look up my article (in my blog section) on how to Stage your home on the cheap & get moving!
To get an idea of your homes current market, Contact me Today for a no-obligation in-home assessment of your home. I would love the opportunity to work for you ! Shana Fellows , Sarnia real estate agent 519-381-3937
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