BY MICHELLE D. FORMICA, Manager, Marketing Services, The Long & Foster Companies.
A seller’s market with low inventory and a plethora of buyers is a great time to sell your home. But keep in mind—while homes tend to sell quicker during a seller’s market, it’s still just as important to get your home market-ready and price it right. Here is some insight from a few Long & Foster real estate agents about selling your home in a seller’s market.
- In a seller’s market, is it still important to prepare my home to sell?
- Absolutely. Don’t assume your home will sell as is, but instead, get it market-ready by decluttering, cleaning and making any necessary repairs. You want to make a great first impression, rather than having to make an adjustment later because your home isn’t selling. No matter what the market is, buyers want to make sure they are getting a good home, and everything is well taken care of, before committing to such a large investment.
- What are some of the things you should NOT do when preparing your home to sell?
- It always pays to look at your home through the eyes of a buyer who’s seeing it for the first time. Don’t think you can offer buyers a credit instead of performing needed work. Most want a move-in ready home, so keep in mind the importance of curb appeal, fresh neutral paint, and replacing flooring when necessary. Also, don’t overprice your home. Rely on your agent—not automated valuations you find on the Internet—to determine fair market value, and position your home competitively for the quickest sale at the best price.
- You mention overpricing—should I not ask for more than market value in a seller’s market?
- Don’t make the mistake of pricing too aggressively.In a seller’s market, many homeowners want to increase the price of their home, but it is very important to price your home based on its actual value. Trust the market. If your home is overpriced, it will sit. Consider working with a professional real estate agent to evaluate your local market and help determine your home value. Buyers are much more knowledgeable about the real estate market today, so they might not be willing to pay more than your home is worth.
- Q. How is our market in Forsyth County looking today?
- Over the last few months in Forsyth County, we have averaged around 2.5 months of supply. This is calculated by dividing our current inventory by current real estate sales. A balanced market ranges between 5 and 7 months of supply, so as you can see, we are still experiencing a low inventory of available homes. We’ve also seen a decrease in average days on market, meaning homes are selling quicker. This month, the average number of days on market was 36 days, lower than the average last year, which was 52, a decrease of 31%.
Homes sell based on their condition, price, and location. While it may be a seller’s market with low inventory and plenty of buyers in some areas, the market varies per state, city and even neighborhood. If you’re interested in selling your home, consider reaching out to your local real estate agent for assistance!
Long & Foster Real Estate is located in Winston-Salem, NC, at 253 S. Stratford Road. For more information on their services, call 336-999-8598.