Market Outlook.... That's the question of the day isn't it?
In today's market, there are many questions to be asked:
- What are average days on market in my area
- What is my agent's track record in years past and current year
- What are the current statistics in my area
- What is the trend in sales in my market area
Market Outlook is ever changing. While a year ago our market was starting to toughen up, it is much worse now with a bleaker outlook to follow... On the brighter side, there are several sub-markets that seem to be doing quite well. By knowing what is happening in your market, you'll be able to come up with an "effective" marketing plan to sell your home and to stay ahead of the curve in sales. I will explain that more in-depth later.
Pricing is key at this point, if you aren't willing to "Price To Sell," don't put your home on the market! I'm not asking you to give away the farm by any means; however, the first issue for any potential borrower in this assumptive "buyer's market" is going to be the PRICE - yes, PRICE! The next issue is condition of the home. That really is just as important as pricing in this ever changing market. Without the proper upkeep and desired amenities for today's discriminating buyer, the pricing is affected. Make sure the amenities you put in your home are ones that "you" want. Many times items such as pools just don't get the value they cost to begin with and you can't and won't be able to put that full expense into your sales price.
As with any market, you want to ensure that the Realtor you are working with has extensive knowledge of their sub markets - if not, you stand the chance of losing THOUSANDS of dollars of your hard earned and desired equity!