Placing Your Homes On The Market
According to a recent Wall Street Journal article, it might be “safe” again to place your homes on the market. Seven years after the initial collapse of the housing market, rising prices and lessening inventory are presenting new opportunities for sellers.
In December, home prices nationally climbed 8.3% from the same period a year earlier. According to Jed Kolko, chief economist at Trulia.com, buyer activity generally peaks in March and April, while more homes are listed in July. This means that acting sooner rather than later may be in your best interest before the supply of homes for sale increases. In addition, the overall number of existing homes on the market dropped to 1.74 million in January, down 25% from a year earlier and the lowest level since December 1999, according to the National Association of Realtors.
All signs do point to a burgeoning seller’s market, with prices almost back up to peak. In addition, houses are selling faster. If priced correctly in Santa Monica, the number of days on the market is 30 to 45 days versus the 99 days it was one year ago.
The West Los Angeles real estate market is no exception. We are seeing increased pricing, lowered competition, and shorter selling cycles – all good things for the seller. But that doesn’t mean you don’t have to put forth a concerted effort to sell your house. Consider these five tips:
Research your local market
Start by assessing the local conditions. Consider changes in price, inventory of homes for sale, foreclosures in the area, the difference that exists between selling pricings and listing prices and the average time homes have been on the market.
Choose the right agent
If you plan to use a real-estate agent, start by interviewing several candidates. Ask if they have experience in your local market and look to see a portfolio of work.
Be realistic
Don’t compare prices between what your home might have sold for during the housing boom. Instead, focus on what homes are selling for today. Set your price realistically – don’t aim to high or you’ll be left without a buyer. If you have multiple offers, don’t just look at the selling price, consider the other terms as well.
Curb Appeal
It is incredibly important to make the best first impression, whether that be on the Internet or during the open house. Even in a seller’s market, a home isn’t likely to sell if it looks unkempt.
Plan ahead for the appraisal
According to a January survey by the National Association of Realtors, about 30% of real-estate agents reported that low appraisals had resulted in the cancellation, delay or renegotiation of a purchase. You can reduce these risks by providing the appraiser with examples of comparable sales and pointing out special features.
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