Analyzing Market Conditions
Local market conditions can affect the sale of your home. Understanding the current real estate trend can assist you in making decisions while selling your home. There are three market states:
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Buyer's Market
There are more homes on the market than there are buyers.
In this type of market buyers will spend more time looking for homes. There are more homes on the market, giving the small number of potential buyers more to choose from. The prices of homes can be stable or perhaps dropping. Seller's will find that buyers have stronger leverage when negotiating.
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Seller's Market
There are more buyers than there are homes for sale.
With fewer homes on the market and more buyers, homes sell quickly in a seller's market. Prices of homes are likely to increase, and there are more likely to be multiple offers on a home. Multiple offers give the sellers negotiating power, and conditional offers may be rejected.
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Balanced Market
There are the same about of homes for sale and buyers.
There is equal competition between buyers and sellers. This means that there are reasonable offers given by buyers, and homes sell within a reasonable time. With less tension between buyer and seller the prices of homes remain stable.
Determining Your Asking Price
Before you put your home up for sale, you must first know what your house is worth. To determine your asking price we will work with you to review comparable sales in your area and provide you with our detailed analysis of current market conditions.
Based on this information we assist you in determining an asking price that will accurately reflect the market and comparable listings. We will recommend a listing price that is slightly higher than the value of your home, allowing for some negotiating space between you and potential buyers.