I know I won't be the first person to write a blog about this market being "a Price War and a Beauty Contest" - and I don't think I'll be the last. I certainly don't take credit for coining the phrase!
I first heard it at a conference about two years ago, as the market started to shift. And since then, I've heard it almost ad nauseum - probably because it truly is an accurate description of today's real estate market.
So what does it mean to you, as a seller? It means that, if you are trying to sell your home or thinking about putting it on the market, there are more things to consider now than ever before.
It means your home needs to be priced right - meaning well within the comparable sales within the past six months. More and more often, appraisers are only looking within the past six months' comps in order to justify your homes purchase price. It doesn't matter where other listings in the neighborhood are priced - it only matters what homes have recently sold for. It also doesn't matter how much you have into your home - what you spent to finish the basement, how much you spent on landscaping, etc. All that matters is the recent comparable sales.
It also means your home has to have on its "prettiest dress"- meaning it must be the best-looking and well maintained in the area, not just in the neighborhood. Fresh paint, clean carpets and flooring, no clutter. A well-manicured lawn, a cobweb-free deck. Having an updated kitchen and master bathroom can make a difference. Buyers are looing at more and more houses these days than they used to - they know they have plenty to look at, with the surplus of inventory on the market, and they know they have time to look, with homes taking longer to sell. Buyers are pickier now, because they can be.
Finally, this can mean that if you don't absolutely have to sell, now may not be the best time to put your home on the market. Of course, if you do have to sell, do your best to make your home the best it can be. Sellers often ask us, "why would I want to put money into a home that I'm about to leave?" The answer, at least in today's market, is that's what you need to do to get it sold.
If you live in the Atlanta area and are thinking about selling your home, call The Gebhardt Group today! We can provide a Complimentary Market Analysis and tell you what your home will sell for in the current real estate market. We'll help you decide if now is the right time for you to sell!
Maura Neill, ABR, CRS, MA
The Gebhardt Group
RE/MAX Greater Atlanta
10220 Medlock Bridge Road
Johns Creek, GA 30097