Friday, June 13, 2014
Ready, Set, Sell it!
Generally speaking this market likes clean and tidy listings and any house that needs some love and attention falls into the rule that ten will get you twenty. If a seller has the cash it is usually well advised to spend it and take advantage a market full of thirsty buyers seeking refreshment in the form of a sharp looking home. If a seller is tight on cash then they still may have an opportunity to sell their home to one of those "desperately seeking a deal" buyers that are plying the real estate ads every day.
The only thing missing in the market is listings! Many homeowners may be unaware that their previously upside down house could very well be in a profitable position to sell. The median price in Clark County Washington is now roughly 90% of the 2007 median price. We are well on pace to return to the 2007 median values sometime early to mid next year. Numbers vary slightly from source to source but the bottom line is that many homeowners are in a position to sell. They also may not realize that their home has scores of potential buyers just waiting for an opportunity to buy it.
Sellers are advised to consider that as their current home escalates in value so does that home they will replace it with. Many sellers are upgrading to a more expensive home. A ten percent gain on their $200,000 home is $20,000 but they will have a $30,000 price increase on the $300,000 upgrade house. So those potential sellers are in that twenty will cost you thirty situation and waiting to list may or may not be the best course of action. Homeowners should sit down with a trusted real estate professional to determine whether or not now is the best time to sell. For some sellers waiting a bit longer may yield better results. The decison to wait however is always based on the uncertainty of the future. Caution is always advised when planning ahead based on current market trends. The market does not always do what people want it to do. For sellers looking to upgrade, selling now may yield a little less on the current home but could save thousands on the upgrade.
Sellers should also understand that this real estate market is very healthy but it is not the rabid, frothing at the mouth, anybody can get a loan, market of the mid 2000's. An overpriced listing in any condition will sit. Buyers will scrutinize price. Sellers should avoid the greed factor because today's cautious buyers want a house but they won't be taken for the proverbial "ride". Seller's also need to understand that appraisers are less liberal with overpriced homes than they were prior to the "crash".
It is mid-June and this is the time to jump into the market with a new listing. Buyers love to close in the summer, especially if they have children. They also don't like to move in the rain and snow, so summertime is not just hot on the thermometer, it is hot in the real estate market as well.
Posted by Rod Sager at 11:43 AM
Labels: buyers, equity, interest rates, sellers, summer
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