With high inventory and buyers taking their time this spring sellers will have to come to grips with the fact that they will have to do more to move their property.
Yes, seller, this is now A BUYER"S MARKET: The fact is, just like the stock market the real estate market has cycles. Many were fooled by the long period of price appreciation, a time when market analysis was thrown out the window, when you could simply slap a price on and the consumer would buy. Those days are over.
The econonic fact of supply and demand cannot be ignored. The inventory is still high and with spring coming I expect to see even more available properties. This will give the buyers more choices and believe me they will use this leverage. The resale market will also have to compete with the foreclosure market which is rising.
Don't think I am going negative on the market. I think it could still be a good year. I have seen alot of first time buyers, the interest rate is low and has even edged downward. In this category (starter homes) in my marketplace the inventory is actually low.
So what can a seller do?
For starters, sellers will need the assistance of a realtor even more than before. This is because the property will have to be priced competitive and this will require a comparative market analysis. If you had one done late last year you will need to get a new one, especially in this rapidly changing market.
Buyers are demanding more so you will have to take care of the landscaping and fix anything that is broken. Your realtor again can give you suggestions on the repairs that will make the most sense.
Why not add a home warranty? This will give your property an edge.
Home staging is also another tool not to be overlooked. In my marketplace it has not caught on but did you know that a staged home commands a better price? Yes, better eye candy, better price.
Don't forget to make sure that your realtor has a good marketing plan in place. Most of all, listen to the feedback provided by your realtor. She is the professional and her aim is to get the property sold.
So sellers get a good market analysis, make the needed home repairs, analyze the marketing plan, add a home warranty, price right and stage the property. This will give you a competitive edge.
What is the forecast for your area?
HAPPY SELLING THIS SPRING!!!!!!!!
Jennifer Fivelsdal - JFIVE HOMES REALTY LLC - 845-758-6842- jennifer@jfivehomes.com
www.jfivehomes.com or www.midhudsonhomevalue.com
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