Selling a home can be an arduous process. Sellers are just as eager to leave their old dwellings and start anew as those who are buying. But there are many factors to consider when it comes to real estate. Here are a few key points to consider when putting your home on the market.
Selecting the appropriate asking price for your home is paramount to getting your house sold. The average buyer is already knowledgeable about the market and has done the research to see what homes like yours are going for in the area. As a seller, you should first determine local market conditions. Is it a buyer's or a seller's market? Also, look into having your home appraised by a professional REALTOR®. This will give you an idea of where your pricing should start. You'll also want to research the asking and selling price of comparable homes in the area. In Greater Syracuse, homes generally sell between 93-95% of current asking price.
There's a great deal of psychology that goes into the real estate business. It would be beneficial for you to take notes on the buyer's perspective when determining the best sale price for your home. Buyers are not likely to pay more for something when a comparable property is listed for less down the block. Do your research to see what is selling and what people are looking for in a home, then size up your property. Take a look around the neighborhood. Do some houses seem to be selling faster than others? Visit some open houses to get ideas about presentation and pricing. Talk to other buyers who are interested are searching for similar properties to find out where they're focusing on, and how much they're planning to spend.
When considering an asking price, keep in mind that buyers may want to start a lower price but serious buyers will realize a good value and eventually come within 93-95% of a fair asking price. For example, if you know you want $133,000 for your home, try rounding up to $139,900. It is best to avoid getting creative with your price.
Trends and styles in homes change all the time. If you are planning on making renovations to your home prior to selling, make sure that you are focusing on the areas that will increase the value of your home. If buyers are putting an open floor plan and gourmet kitchen at the top of their list and you finished the basement, instead, you may not recoup that entire amount during a sell. Your house may also sit on the market longer and you may have to come down on the price. Updates like a new roof and hardwood floors are highly valued areas that seem to rank high among most buyers. Also, potential buyers may bid with certain terms for renovation attached. For example, if the home has any structural issues or is in need of a new HVAC, the buyers may request these changes be made before purchase, or they may ask for a reduction in the list price to cover the cost of making the renovation themselves.
So, you've decided on a list price. Great! Just be aware that your original price may be subject to change for many reasons. Often, sellers want to list their home at the price they originally paid, plus some. However, this doesn't always account for the change in the market. A home is only valued at what local buyers are willing to pay today. Be sure to respond swiftly if your house has had few to no showings or if you have received feedback that the property is priced too high.
Some other factors that will significantly impact the sale are the seasonality of the local market. In CNY the market is very strong between the first of March until schools let out. It usually cools for a bit in July and August and is strong again until the holiday season. Early Spring and Fall are the ideal seasons to sell since families want to get settled into their new home in time for the school year and the weather is the mildest. Selling is a greater challenge during the holiday season since most buyers are focused on the holidays and entertaining. Also, don't forget to take interest rates and inventory into account when deciding to put your home on the market. If rates are high, and demand is low, this will impact the sell as well.
When selling a home, it is best to be aware of hyper-local market trends, which may help you increase the chances of getting top asking price for your home. For more personalized advice on pricing your home, we recommend speaking with one of John Arquette Properties' knowledgeable real estate agents.