Yes, we can confirm that the Great Recession of the 21st century is officially over. The recovery is taking longer than anticipated but we’ve noticed signs of improvement; supply is down and demand is up. Although house values in our area have been depressed since the financial crisis of 2008, we have noticed a slight uptick in prices in the first 6 months of 2012 as confirmed in this Wall Street Journal article. And we fared much better than other parts of the country (which only emphasizes just how desirable the Hudson Valley remains). And, despite the bleak national headlines and high unemployment figures, we’re experiencing encouraging selling activity again with multiple offer situations occurring on some of our properties. We have found when value exceeds price, price becomes a non-issue. Yes, there are obstacles – credit still remains tight, buyers are expecting bargains, fewer sales means fewer comparables, and fewer comparables make appraising a property to qualify for the loan more difficult. That’s why selling in this complicated market definitely requires professional guidance and more patience. Our expertise can ensure you achieve the highest realistic selling price in this “challenging” 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. In this “buyer’s 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 fairly. Many experts even suggest pricing a home just slightly below the competition. This generates a lot of excitement among buyers, and the seller could receive multiple bids even in this market.
- 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. Offering concessions, such as minor repairs, can also be one of the creative ways of coming to a mutually beneficial deal. Making a deal now instead of later can save you a lot of money in the end, particularly as the housing market finds a bottom.
- Play up assets.
Now that there are more 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.