Ask the Experts – Is this a good time to list my home? Real estate is very cyclical and studies have shown that the current housing market is well below last year’s inventory level. Some studies even show that the current market inventory is well below a six month average. This low inventory creates a seller’s market because there are more buyers in the market than sellers. Therefore, I would say Yes – this is a definitely a perfect time to list your home for sale!
When you are ready to list your home make sure your home shows like a model home, with curb appeal and it’s priced correctly. You want buyers to be excited about the home! Pricing your home correctly will generate the most traffic and may produce multiple offers during the first 30 days. After 30 days, most brokers will usually ask for a price reduction to stimulate interest. As the seller you do not want your home to sit for long period without a contract.
Now, sellers have the option to present your home to the world under a new status in the multiple listing services titled Coming Soon. Or, wait and present their home to the market with an Open House. It’s best to show the home after the seller have made needed repairs or staged the home to show. Either method is affective and should draw much needed excitement to the home. In either scenario make sure that the brokers and agents showing your home leaves a business card so your agent can follow-up for feedback on the overall condition of the home and the price. We also ask the sellers what they love most about the home to pass on to potential buyers and to include in the marketing material.
In most cases homes are sold during the first showing or within the first thirty days of the home being listed. Very seldom are homes sold at an Open House… Although, sellers usually insist that their broker/agent have multiple Open House believing that this introduction will generate serious buyers. Usually, it’s the noisy neighbors or others in the community coming by to view the property for ideas, comparison and fix-ups for their property. In some cases homes are sold prior to an Open House. Buyers are disappointed when they show up at the Open House to see a contract pending sign already posted on the home.
As a seller doing your due diligence, I highly recommend avoiding Zillow/Trulia estimates or other real estate sites for sales data or other property information related to a sale. These websites do not receive a direct feed from the MLS system. Therefore, the sales and property data may not been accurate.
A reputable or experience broker/agent who knows the property values in your neighborhood will be better to ensure your best interest and a reasonable sales price for your home. Give us a call at 301-483-8073 if you have questions about selling your home – even your luxury home!