This is Part 3 of my series “Sell My House, Ryan!” To start at the beginning, click here.
When I tell someone I’m a real estate agent, the first question I’m asked is if we are in a “seller’s market” or a “buyer’s market.” It’s an impossible question.
Because if you’re serious about selling your home at the market price, it’s a seller’s market. And if you’re wanting to buy a home and choose the right negotiator, it’s a buyer’s market!
Home sales continue at a solid pace – about 6% better than 2016. And average price is up 2.5% to almost $300,000. But many homes are sitting on the market twice as long as they were 12-18 months ago.
How do you make it your market?
1. Seller’s Market: Price. Just because it’s a “seller’s market” doesn’t mean you can price your home too high. Seller’s market refers to the inventory of homes on the market and assumes the normal number of buyers. If the home is priced wrong, there won’t be any buyers for your home. I will give you an honest assessment of where we should price your home.
2. Buyer’s and Seller’s Market: Appraisal. Working off of your price, if a buyer agrees to pay your price it doesn’t mean a bank will lend the money. Whether you’re buying or selling, have your agent do a comparative market analysis (CMA) on your home. It will look at recent sales in the neighborhood, adjust for things like square footage, upgrades, etc, and estimate your home’s value. It’s exactly what an appraiser will do for the buyer’s bank.
3. Buyer’s Market: Know the market. Just because it is a seller’s market does not mean it is a bad market for buyers. In some cases, it can be the best market! A savvy Realtor can investigate new homes on the market and the reasons a seller has listed it. In addition, if a home has sat on the market, the agent can work to negotiate an even better price for his client.
4. Buyer’s and Seller’s Market: Preparation. Be prepared for the buying process. Understand the steps involved in buying a home, work with your Realtor to have a working knowledge of the market, and be prepared to act. Some homes get offers on the first day on the market. With a little preparation, you can be ready to act when your perfect home hits the market.
As a seller, you may receive 3+ offers in a day on a home – make sure your agent presents each offer’s good and bad. It’s not always about the price – the quality of the buyer (down payment, credit score, closing date) matters more in getting a home closed.
I feel it is my job to be open and honest about the buying process with potential clients. While other agents promise the world, I want to give an accurate picture of what to expect and what we need to do to buy the perfect home. I will take you step-by-step into the process and show you the best ways to win in YOUR market.
Part 1 – What to Look For in a Realtor
Part 2 – How I’ve Sold 100% of My Listings
Part 3 – Seller’s Market? Buyer’s Market? No, It’s Your Market
Next: Part 4 – Featured Sold Properties
Part 5 – Case Study: Getting a Comparative Market Analysis (CMA)