DONALD HICKLING
REAL ESTATE SERVICES
Pricing Your Home is Part Science and Part Skill
In order to sell your home for the best possible price, there are several factors to consider:
TIME OF YEAR
The timing of when to sell your home can influence the speed of the sale and the price you can command. However, the best time to sell can vary depending on your location, local market conditions, and personal circumstances. Here are some general guidelines to consider:
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Spring is often considered the prime time to sell. The weather is improving, and buyers are motivated to find a new home before the start of the school year. The increased daylight and blooming gardens can make your property look more appealing.
While real estate activity might slow down a bit due to vacations, summer can still be a good time to sell, especially in areas with a strong tourist season. Outdoor spaces, such as gardens and patios, can shine during this time.
Early fall is another popular time to sell. Buyers who missed out during the spring and summer might still be looking, and the mild weather can make property viewings more enjoyable.
Selling in the winter can be more challenging due to the holiday season and less appealing weather. However, there might be less competition, and serious buyers are still active. Properties with cozy interiors can stand out during this time.
Remember that local trends and market conditions play a significant role in determining the best time to sell. Consulting with a local real estate agent who understands your specific market can provide invaluable insights and help you make an informed decision.
Local real estate market conditions, climate, and regional events can influence the best time to sell. Consult with a local real estate agent to understand the trends in your area.
Pay attention to the current market conditions. A seller's market (low inventory and high demand) can give you an advantage, but in a buyer's market (high inventory and low demand), you might need to adjust your pricing and marketing strategy.
Your personal situation, such as job changes, family needs, or financial considerations, can impact the timing of your sale. Prioritize a time that aligns with your goals and plans.
While holidays can affect the number of potential buyers, some people might be actively looking during holiday breaks when they have time off to house hunt.
Supply
It’s simple supply and demand. If you have more buyers than homes for sale, then houses will get multiple offers and higher sales prices than if there are lots of homes for sale and fewer buyers. Even if inventory is low in the area, some neighborhoods may have a lot of competition to sell, making it harder for you to get the price you want. The more desirable of a neighborhood and lower inventory, the higher home values rise.
Seller's Market
In a seller’s market, you may get a little more than a comparable sale, since inventory is limited and buyers are competing for fewer homes. In this market environment, it’s not uncommon to get multiple offers and offers over asking.
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Neutral market
A neutral real estate market, means just that… there’s a balance of homes on the market to the number of buyers making offers. In this market, it’s imperative to keep an eye on the comparable homes sold, that the appraiser will use to compare your home to recent sales and make sure your pricing is in line.
Buyer’s market
In a buyer’s market, where there are a lot of homes competing for the buyers, you may want to strategically price your home according to the competition in your area.
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Getting ready to get into the real-estate market?
Our experience and expertise will help you to ensure your house is priced competitively and well-staged.
Why? Because while there are always three factors to getting a home sold—location, price, and condition—only two are under your control: price and condition. Of the two, which is more significant? Price. Remember that price will correct bad condition, but condition will never overcome a bad price. We will provide you with a CMA (Comparative Market Analysis). This report can be the most important tool in determining the listing price. We will review the CMA carefully with you so you understand the current market around you and where you are relocating to. Studying the past sales will not only help you understand the pricing strategy but give you a realistic expectation as to how much your home might appraise for when you go under contract. Remember, the listing price of a similar home is your competition, not a comparable for value. Active listings have not sold.
The CMA reports usually contain:
· Active listings for your area with a similar home; age of construction, number of beds, baths, and square footage.
· Sold listings are homes sold within the last three months, plus pending sales that are likely to close by the time your home is sold.
· Off-Market or expired listings. These are properties that were taken off the market for any reason.
LOOKING FORWARD TO SHARING MY EXPERIENCE LIVING IN THE BAY AREA TO HELP YOU WITH YOUR REAL ESTATE NEEDS.