For a real estate agent like Tyler, the question, “So, how’s The Market?” is one that is full of nuances. The answer depends on large part on the interests of the person asking: what they may want to buy or sell profoundly affects whether it’s a “good” or “bad” market.
The overwhelming reality today though is that it’s a buyer’s market. Sellers need to make some basic preparations before putting their home on the market, if they want to maximize the value of their property. Tyler talked about these basics at theis morning’s meeting.
When you put a property on the market, it’s important to remember that you aren’t selling “Your Home”, but simply selling a property. That is to say, your subjective impressions of what makes your home uniquely yours don’t automatically convey to a stranger who’s looking at your house. As a seller, you need to be able to look at your home through a stranger’s eyes. A professional like Tyler can provide that objectivity.
Every seller wants to sell fast and get top dollar. Achieving this goal starts with setting the right price. Some sellers deliberately overprice in an attempt to “test the market”, but this can waste valuable time, especially in a supply-rich market such as we see today. Your property’s complete history will be available to every real estate agent, and as a property spends days and then weeks on the market, agents will use this as leverage to demand (and get) a reduced price.
A Competitive Market Analysis (CMA) is an indispensible tool to get your property right-priced. A CMA looks at the properties in your neighborhood, so that you can see the local context and what your opportunities are.
The other key to a successful property sale is making sure your property shows well. Clear, clean and free of clutter are the three things every property on the market should have. Whether you need to rent a storage unit, fill the attic, or hold a yard sale, the fact is that most homes have too much assorted stuff in them to show well. A prospective buyer wants to imagine themselves in the space; seeing how you live there now can be a distraction that leads them to come & go, and make an offer elsewhere.
Fixing or replacing major items is an area where sellers should proceed with discretion. A few buckets of paint can make a big difference in a buyer’s eyes. But a complete bathroom or kitchen renovation almost never recoups its cost.
The above goes for the exterior as well as the interior. “Curb appeal” is the first impression a buyer has about your property, so having a clean, clutter-free yard and exterior is an effective selling point.
