We are happy to report that home prices have seen incremental annual gains over the last 10+ years. But bear in mind these are not the same bubble-era price gains that led up to the financial crisis that brought about the Great Recession of 2007 – 2008. While interest rates have increased, mortgage rates are still relatively attractive and borrowing requirements have eased. Each successive year has brought encouraging signs of market improvement: supply is down, demand is up, and as a result, prices are on the rise. We believe these conditions set the stage for a market equilibrium that has not been realized in many years. It’s important to reiterate how much better we fared than other parts of the country (which only emphasizes just how desirable the Hudson Valley remains). But let’s not get ahead of ourselves. It’s still critical to price aggressively. And we believe value should always exceed price no matter the market conditions for maximum selling price. Yes, there has been market appreciation but selling in this market still requires professional guidance and realistic expectations. Our expertise can ensure you achieve the highest realistic selling price in this “goldilocks” real estate market.
To make the most of your sale:
- Size up your competition.
Investigate other homes for sale. Check out the home publications. Ask your agent for recent sales prices. Look at what’s selling…and what’s sitting.
- Price competitively.
The best way to find that “one” perfect buyer is to bring in as much traffic as possible. Even in this improving market, buyers can afford to be more choosy, and have little patience for what they consider to be overpriced houses. Put your house on their must-see list by pricing it realistically. We even suggest pricing a home just slightly below the competition as it is our belief that you cannot underprice a property. This generates a lot of excitement among buyers, and the seller could receive multiple bids that may even have the selling price exceed the asking price..
- React quickly.
The longer your house takes to sell, the more money you stand to lose. If a good number of people have viewed your house, but there’s still no offer, the market has spoken. Move quickly to lower the price, and create more excitement, and therefore more traffic. Don’t allow your house to become a “fatigued” listing.
Don’t be too quick to reject an initial offer. Skilled negotiating can at most times bring an agreeable ending. Making a perceived “good” deal now instead of a “better” deal later can save you a lot of money in the end, even in an improving market.
- Play up assets.
Even with less houses on the market, help set yours apart. Play up the strong points of your home – consider “staging” it before you put it up for sale.