There is much talk about increasing inventory nationally. But, as we all know, real estate is about the local market. On the Main Line of Philadelphia and Chester County we are still experiencing low inventory levels for most price points. At the same time buyer demand has remained strong as buyers have become accustomed to the higher interest rates, especially when they drop into the higher 5% range.
This being said, buyers are more cautious, wanting to include contingencies where they can. These contingencies include home for sale, inspection and mortgage contingencies primarily.
So, what are sellers doing to get their homes sold quickly?
Preparation before putting the house on the market is one of the first things that sellers are finding that helps. making sure there are no issues which could derail a sale. This includes repairs, making sure all light bulbs work, cleaning, landscaping to improve curb appeal and even painting where needed. One of the things that has consistently given the best return on investment over the years is updating door hardware and painting a front door. Of course this is the entry to the home and helps with that first impression.
I mentioned cleaning and it surprises me always when touring a home for sale with clients how they react to a home that is dirty. It not only puts them off, but makes them wonder if the homeowner has not only foregone cleaning but also maintenance on the home.
However, before the buyers even get to the door, you need to make sure that flower beds are cleaned of weeds, mulched and edged. Freshly planted seasonal flowers can also add a touch of color that improves curb appeal too.
Sellers also know pricing their homes correctly to attract attention from buyers is paramount. I have said to many clients over the last few years it is hard to underprice a home in the current market due to the strong demand from buyers. Buyers will compete with each other, having a very good idea of market value having seen many homes whilst looking for the one they want to buy. This knowledge is much stronger than most sellers, who only tend to think their homes are worth the very top price in the market. As I mentioned in a recent post, a home that was worth much more was put on the market in the $6-700,000 range, this home accepted an offer between $900-1,000,000. What, that lower price did was increase the number of showings and offers and created a feeding frenzy. The higher offers were cleaner, without contingencies and payment was cash, no mortgages needed.
Maybe, a higher price asking price would have decreased the number of offers and allowed buyers to include contingencies.
So, to summarize, those homes which are selling are those that have been prepared fully for sale, priced to create interest. multiple offers and are easy to show.
If you are thinking of selling this Spring or Summer now is the time to prepare. Give me a call, Nick Vandekar, Selling the Main Line and Chester County with Realty ONE Group Advocates, office 484-237-2055, cell or text 610-203-4543, or email Nick@VandekarTeam.com for a free no commitment consultation.
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