If you’re considering selling right now, here are the three things to know.
To be honest, we’re not in a seller’s market; we’re in a super seller’s market! Nationwide, prices are at historic highs (though there were a few areas in 2007 that were a bit higher). Inventory levels are lower than they’ve ever been. All of these national stats are the same as what we’re seeing in Salem, the Portland metro, and Clark County.
So in a super seller’s market, how do sellers maximize their value? Here are the three things sellers need to do to ensure they’re getting top dollar:
1. Repairs and cleaning. You need to speak with your local real estate professional (like me!) to discuss any needed repairs or remodels. 95% of the time, I’ll say you don’t need to do any! However, what you will need to do is clean the house and make the landscaping look great, if possible. Currently, as long as the home is clean, decluttered, nothing is dangerous, and the outside looks good, that’s all that’s required because you’ll likely have zero or one house against which you’re competing.
2. Understand the market and how to price your home. The one thing I know for certain about our real estate market: You can’t underprice a home. As an example, we recently had a client who was looking for a property and noticed one had been on the market for almost a year for close to $700,000. This may sound insane, but we made an offer for about $550,000 in this super seller’s market.
This worked because the house was originally priced at $800,000, then decreased to $750,000, and then to $700,000, but it was still overpriced. After all that, the sellers were motivated, tired of waiting to find a buyer, and the property had gotten stale on the market. These days, a home that sits on the market for over two weeks is going stale, and you have to be very cautious of that, though the higher price points can sit a bit longer.
Next, you need to know the actives, pendings, homes recently closed, and those completely sold. If a home sold a month ago, it doesn’t matter to your home now because prices have already risen since then.
3. Timing the market. Nine out of 10 times in the present market, you’ll get multiple offers. Supply is low and demand is high right now, so you could potentially have hundreds of interested buyers walking through your property. Last week I listed three homes; one was listed for $550,000 and sold for $635,000, and the second was listed for $500,000 and sold for $580,000. You need three to four days on the market to ensure the offers you’re receiving are the maximum value you’ll get.
If you have any questions about selling or real estate in general, call or visit my website. I would love to help you.