In 1994, HGTV launched it's channel and real estate would be forever changed. I love HGTV as much as the next person, however as a Realtor, I inform all of my clients about the blessing and curse of HGTV. Each person that watches the various shows on the channel relating to real estate are viewing it from their own filter. For example, potential buyers view HGTV and have familiarized themselves with the words: upgrades, hardwoods, granite, days on market, etc. And sellers, believe that every buyer is going to low ball them, so they decide to price their homes higher in hopes that the buyer will make an offer and then the seller will be able to negotiate for a favorable price. Neither of these is necessarily wrong, however, the main ingredient that is missing from either equation is the local market.
We are all overwhelmed with the amount of information that is put before us on a daily basis and sometimes we base our views on national news rather than on local dynamics. For example, I have investors call me and say, I want to buy a home for .25 cents on the dollar and once I fix the curiosity on my face, I respond, "really?" Well, they don't mean any harm, they just heard on the news that somewhere in America people were buying houses dirt cheap and so that must be the same for their local area...not exactly. Houses are selling at different prices all over Middle TN: Nashville, Madison, Belle Meade, Antioch, Hendersonville.
In fact, each local area is defined by different terms. For example, there is the local area of the city limits that you reside in and there is the local area of your subdivision or location. The data from each of these local areas should be examined when you are thinking about selling your home. Sure, from a national standpoint there are things that most buyers consider standard: clean carpets, touch up paint, pressure washed exterior and some upgraded fixtures or appliances. However, if you really want to know how to sell your home to your market area, you should speak with a professional Realtor who can tell you what it took for your neighbors house to sell at over $100 a sq foot.
Did they change out the flooring, leave all their kitchen appliances, declutter and show adequate storage space? As a seller, if you want the most bang for your buck, don't let the national news tell you what's important to your local area. What are the trends for your local area? Do the majority of people in your area have hard wood floors, new paint, open floorplans, etc? As we move to a sellers market in most of our local Middle TN Area, our housing inventory is shrinking, but that doesn't mean that the competition isn't just as strong. With fewer homes for sale, the best ones are selling in less than 45 days.
If you are thinking about selling your home this spring, we can help. Call 615-212-5010, complete our online form for an instant value.
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