El Cajon California real estate
KEYS TO SUCCESS IN SELLING YOUR HOME IN A BUYER’S MARKET
Two years ago the home down the block sold for over the asking price. Plus, it sold in a couple days. Unfortunately, that was two years ago. In today's market, buyers not only have more properties to select from, but those properties are also staying on the market for a longer time. In many cases, it is taking two to three times longer to sell the average home than it did only a couple years ago.
Home value prices in California and in San Diego in particular have drastically declined by as much as 30% in some communities. Since 2005, many sellers are experiencing long delays in marketing their homes.
A seller must give careful consideration to properly pricing the home before placing a home on the market, not to mention the improvements and the home site. Most importantly, one must consider the current market conditions. Whatever your neighbor may have sold their home for a couple of years ago has no relationship to what the value of your home is in today's market. Your buyers won't raelly care how much your improvements may have cost, how much you originally paid for your home, or the fact that you're not in a rush to sell immediately.
Your home value is determined by current market home sales in your area within the last few months. About 20 years ago gold hit a high} of $800 per ounce. Let’s say you stashed it away in a safe deposit box. Though you had kept the gold in extremely good condition, today, 20 years later, it would be worth around $670. That is a substantial loss when one considers that during that time period you earned relatively no interest on that money. Does anybody really care what you paid for that Kruggerrand or that you maintain it in excellent condition? No. All that buyers care about is what the market has established the value of that Krugerrand is today! Another analogy would be the stock market. What you paid for your IBM shares last week has absolutely no relationship to what you can sell them for today.
Of course your home improvements, upgrades, location, general upkeep and landscaping all account for the value of your home and its salability. The most important factor that still remains is what the current market for your location will pay for homes similar to yours. Many real estate agents agree that 95% or more of proper marketing of a residential property is established by the original suitable pricing for the home.
In order to be successful and get top dollar for your property in a buyer’s market, a seller must first step back from the home. They must emotionally detach themselves from the property and establish what the market is willing to pay for the property. The best way to do this under the current market conditions is to team up with your local realtor, who will provide a no cost or obligation CMA. CMA stands for comparable market analysis which is an objective assessment of what you can expect to realistically get for your property under the current market conditions. Aside from seeing homes that have sold in the CMA, {{you will also see|something just as important,}) how long homes were on the market, what homes expired unsold and/or were canceled during the listing. All these factors will come into play to properly determine the price for your property.
When selecting agents/brokers, sellers must keep in mind that many less experienced agents (due to lack of experience or just wanting to please their client) will suggest a listing price that is unrealistic for the current market. As is apparent, sellers must never list their property for sale based solely on the recommended selling price of the property. It is imperative to consider agents by their experience, knowledge of the neighborhood, analysis of the market, and perhaps most importantly, their specific and intricate marketing plan for your property.
The key to success in today's buyers market is accurately pricing your home from the very beginning and selecting an experienced, competent realtor to professionally market your property.
NOTE: The opinions expressed in this article are the author's own and do not necessarily reflect the opinions of this website or Brokerforyou/Promotions Unlimited.
Disclaimer: The information provided in this article is general information on the legal issues presented and should not be regarded as a substitute for individual legal advice from an attorney.
The above article is presented as a community service with the permission of the author.
Disclaimer
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