Ever wonder why some houses sell right away while others linger on the market for years?
The three most important factors to consider when selling your home are: PRICE, LOCATION AND CONDITION.
Let’s talk about PRICE first. You need to know if it’s a buyer’s or a seller’s market; it’s all about supply and demand. A buyer’s market is defined as a six month supply of inventory or better, while a seller’s market is a low supply of houses; less than a six month supply.
Let’s look at the supply of homes in the current Seeley Lake market; more specifically, the over $300,000 supply. There are 44 homes listed for over $300,000. This doesn’t mean much until we look at how many of these homes have sold in the past year.
In the past year, 11 homes have sold for over $300,000. That means that less than one home in this price range sells each month. With 44 homes currently on the market, if no homes are added, our supply is currently around four years! In other words, it will take four years to sell these 44 homes! Since anything over a six month supply is considered a buyer’s market… you do the math!
Let’s say it’s time for you to sell, and you want to sell now. The majority of homes sell during the summer months of May to September so, what can you do to make sure your home has the best chance of selling? First of all, don’t miss the peak season for selling! Then, MAKE IT SHINE AND PRICE IT RIGHT!
It’s hard not to be sentimental about your home. However, to buyers; your home is a commodity. They will be comparing your home to all the others on the market, and like you, they will want to make the best deal for the home they love.
Buyers will be looking in the price range they can afford. If your home is overpriced, you will miss these buyers. With such a short selling season and so few homes selling each year, you don’t want to miss the opportunity to sell because you are overpriced.
LOCATION: Two of the most popular requests made by buyers in the Seeley Lake market are, “I want mountain views and a nice little stream running through the property”. If your property has one of these desirable features, don’t over price it just because it has the view or the water! Buyers expect to pay more for a great location however; they will scrutinize the price and the condition.
If your location is not the greatest, you can make your home more attractive to a buyer by keeping the property in immaculate condition and offering a fair market price.
CONDITION: Ask your real estate agent what you can do to have your home in the best possible condition to sell. She should be able to advise you on staging techniques, minor repairs that should be made and the importance of keeping your home in “show-case condition” during the time your home is on the market. If your home shows well, buyers will be focused on the positive attributes of the property and not so much on the negatives.
“Pricing it Right” comes down to truly understanding the real estate dynamics in your market. Find an agent who will take the time to effectively explain what is happening and how it will affect your chances of selling. You will need an agent who will tell you what you need to know and do, not just what you want to hear. Then, the decision is up to you - do you want to price your home to “sit” or “sell”?