Five Things You Need To Know

Dated: 09/06/2017

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Five Things You Need To Know About Selling in a Sellers Market!

It's a seller's market. Low inventory and prices on the rise make for the perfect – and profitable – time to sell a home.

According to a recent study by national real estate data company Attom Data Solutions, "U.S. homeowners who sold their properties in January through March earned, on average, a profit of nearly 24% on the original purchase price, or about $44,000 – the highest amount in terms of both dollars and percent since third quarter 2007.
"Here are five things to know before putting your house up for sale in today's market:
1. Bidding wars are possible. National Association of REALTORS® Chief Economist and Senior Vice President Lawrence Yun says, "This high-demand, low-supply environment means sellers will see a lot of foot traffic from eager buyers and, if the home is priced correctly for the local market, they could get multiple offers. This trend looks like it will continue despite rising mortgage rates, as job growth and the U.S. economy as a whole remain strong." I can identify the sweet spot in your price range that can help create the bidding war scenario.
2. Starter homes are in high demand. According to Zillow Chief Economist Svenja Gudell, "We're seeing a lot of demand for entry-level homes and things that are a little less expensive, as many millennials and first-time buyers are very active."
3. Buyers aren't settling. While low inventory does mean listings are snapped up fast, with the exception of home "flippers" and investors, today's buyers want move-in ready (or close to move-in ready) homes and are willing to wait for the next listing if a home is in poor condition. I can help guide you as to what essential changes or repairs you need to make to get top dollar for your home – and also tell you what won't yield a return.
4. Color matters. Here's an interesting revelation from a Zillow report last year: "Certain paint colors can have a big impact on how much you get for your home. For example, the study found that homes with yellow kitchens sold for about $1,400 more than homes with white kitchens. While a mauve, eggplant or lavender dining room raised sale prices by $1,122 on average, a dark gray dining room lowered it by $1,112."
5. Minimal is in. Buyers today are looking for clean palettes in homes where they can envision their own belongings. Removing excess clutter and even furnishings to give a more minimal backdrop for buyers' imaginations is a smart strategy.
There's a lot to ensuring that you get the most for your real estate investment – and a great deal of information to get just right. That's where I can help. Call or text me today to learn how we can get you the most money with the least stress while the market is still red-hot in your favor.

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