One of the questions I am getting lately is from sellers who want to know if now is a good time to sell. As we enter into the fall market people tend to think that it would be better to wait for spring. In some markets, that may be the case and though things do slow a bit during the holiday season, in our coastal region we still see a very active market. So the short answer to the question is, yes. Now is a good time to sell. However, as a seller you need to remember these few things;
1. Do NOT overprice your house!
I can't even say this enough. NEVER put yourself in a position where you need to make continual adjustments. Be realistic with the true market value of your home and price it accordingly. This is is especially important now in this market as buyers will watch your listing. On an overpriced listing, one price adjustment usually means another will be coming if your home is not priced right. You are taking a risk that may result in you getting even less than market value and staying on the market longer than you want.
2. Be negotiable.
We are coming out of a market where sellers ruled, prices skyrocketed to unattainable amounts for most, and all contingencies were thrown out the window as people battled to get the house they wanted. Those days are gone. Prices are leveling out, buyers are returning but they are cautious and much more careful as their interest rates are now higher. What does this mean for sellers? You may need to be willing to compromise. Just as buyers are having to compromise on what they want due to affordability, Sellers may need to be willing to compromise on closing cost assistance, closing dates, and/or price.
3. Be patient.
Not all homes are selling overnight. However, well priced homes in move in condition are still spending less than 30 days on the market. Most buyers will also need time to process their loans so give yourself 45 to 60 days to close once you get a contract.
If you are thinking of selling your home and have questions about your home's current market value or what to expect from this market, CONTACT US. We are happy to answer any question you have and you are never under obligation by simply asking a question.
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