eal estate is
local. Since the real estate climate varies by neighborhood, what is
important is what’s happening in your market. Conditions can also change
quickly, so you need the most up-to-date information available to make a
well-informed decision. If you’re thinking of buying or selling a home,
contact me for an overview of current market conditions. I can determine
the value of your existing home or help you estimate the cost of a home
in a neighborhood you may be considering.
Over the past five years, the United States real estate market has
experienced record sales and price appreciation. The real estate boom
has been especially strong in the West, with home values doubling and
even tripling in some cities.
Real estate is cyclical. In some areas, particularly those that have
seen annual appreciation rates of 20 percent and more a year, the real
estate market is cycling back to more normal conditions. The normalizing
of home prices is a natural part of the real estate cycle. It’s also
healthy for the market, serving to rebalance supply and demand, and to
bring prices more in line with what consumers can afford.
Remember that housing markets are all local. At the height of the real
estate boom, some areas of the country experienced annual appreciation
rates in just the low single digits. And even in regions that are seeing
home prices moderate today, there are properties in highly desirable
neighborhoods that continue to receive multiple offers.
What’s important is how to make the best possible real estate deal in
your market. That’s where I can help. Whether you’re looking to buy or
sell a home, here are some strategies that will help make your real
estate transaction more successful.
Tips for buyers
Now is a great time to buy
a home. Interest rates are low, and buyers have more properties to
choose from, so there’s room for negotiation. If you play it smart, it’s
the perfect time to buy that house you’ve had your eye on. Here are a
few strategies for getting the most for your money.
Know the local market
With the housing market in
transition and prices fluctuating, it is important to understand what’s
going on locally. Prices in some neighborhoods are being reduced; others
are as hot as ever. I can do a market analysis of the communities you’re
interested in and provide you with information on homes that meet your
criteria. I will also look at comparable residences to determine the
appropriate offer to make to the seller. In a changing market, it’s
important that the data you look at is current. Properties that sold six
months ago may not represent the value of a comparable home on the
market today.
Identify what you want
The good news about a moderating
market is that there are more homes to choose from. Buyers have the
luxury of being specific about what they’re looking for. Now is the time
to draw up your Dream Home wish list.
Be ready to buy
While more homes are on the market than a year ago,
attractively priced homes are still selling quickly. Make sure you’re
pre-approved for a mortgage and have a home inspector lined up. If you
find a home you just love, don’t wait too long for the seller to reduce
his price. It’s better to get a fairly priced deal than miss out on the
home of your dreams.
One of the strongest benefits I offer buyers is my ability to negotiate
on your behalf. Depending on the local market, we may be able to get
price reductions and other concessions from the seller. I’ll work with
you to identify areas in which we can negotiate so you get the greatest
real estate value for your dollar.
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Tips for sellers
In a
seller’s market, homes tend to sell quickly. When the market
shifts to favor buyers, selling a home takes extra effort. Here
are some ways to ensure that your home is attractive to
potential buyers.
Price it right
Setting the correct
listing price is the most important step in the process of
selling your home. Price a property too low, and it may sell
quickly, but you’ll pocket less profit. Set too high a number,
and you run the risk of pricing yourself out of your market.
Some sellers reason that they “can always lower the price,” but
that can be a risky strategy. A property gets the greatest
exposure in the first three to five weeks on the market, so it’s
important to set the “right” price initially. When a price is
set too high, the strongest prospective buyers won’t even
consider the property because it is out of their price range.
Buyers who are looking for homes in that price range will
compare it to other homes that have been fairly priced and
decide that they can get more for their money elsewhere. I
analyze current market conditions and the latest sales data to
set a price designed to sell the property quickly and provide
you with the highest possible return.
Maintain it well
Next to price, the
condition of a home is the most important factor when it comes
time to sell. The key phrase today is “move-in ready.” Most
buyers don’t have the time, money or inclination to deal with a
fixer-upper. Consider getting a pre-sale home inspection to
identify problem areas. Go through the house and repair any
obvious cosmetic defects that could deter a buyer. When buyers
have lots of homes to select from, they’ll always choose a home
that is structurally sound and well-maintained.
Spruce it up
“You only get one chance to make a good first
impression,” the old saying goes. This statement is especially
true when selling your home. Prospective homebuyers make their
buying decision within five seconds of walking through the door.
To make sure their first impression is a favorable one, take the
time to get your home into top shape. Get rid of odors,
de-clutter the interior, put on a fresh coat of paint and
arrange your furnishings to create open, welcoming spaces. I can
let you know what needs to be done to show your home to its best
advantage. You may also want to consider hiring a professional
Home Stager to prepare your home for sale.
Be flexible
If you are selling in a
buyer’s market, you need to be adaptable. Buyers may ask for
incentives, such as payment of discount points to lower the
mortgage rate or payment of closing costs.
I can familiarize you with incentives that are being offered in
your market so your home is positioned competitively. I will
also work on your behalf to present counter-offers and negotiate
contingencies so you receive the best possible price for your
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