What A Great Time to SELL!
Typically, when we receive your call to inquire about selling, we meet with you to sit down and put together a punch list of all the items that you need to do to maximize your value and land a buyer. We discuss the pros and cons of cosmetic upgrades, address the deferred maintenance, and you either get to work on the updates and repairs yourself or start writing checks to get your home into “show shape”.
Today, things are different. Yes, we would still make the same recommendations, but truth be told, the demand is so great for housing that you could run the vacuum, put up the For Sale sign, and likely have a successful sale. Old roof, furnace on its last legs, dated colors . . . no problem. There are buyers ready to compete for your home. Again, not that we would recommend this approach, but if you ever wanted to be spontaneous and take advantage of this crazy seller’s market . . . this is the time.
For most of the past 30 years, sold prices have typically been 1 to 3% lower than the asking price. Now, when we assemble a price report on your home and look at all the homes that are under contract, we often let you know to add 2 to 5%, or more, to the price. You no longer have to labor away on preparation, nor do you need to stress the inspection either. If the first buyer backs out, we will likely have another buyer in the back up position.
How long will this last? Well, prior to knowing the word Covid, our real estate market had just experienced the longest sustained appreciation growth since WWII. All signs pointed to both the stock market and the real estate market heading toward a correction. However, the events of the last year have upended all forecasts and expectations, making it impossible to predict how long we will be in this hot market.
Here we are in 2021 with great interest rates, appreciating prices, and thousands of buyers all seeking to make a change in their housing. Some are first time buyers, some are downsizing or upsizing, others are moving to the suburbs or changing cities because they can work from anywhere. There is demand for all types of properties. As homeowners, we all want to buy low and sell high and, right now, it seems inconceivable that the high can get much better than this. History has shown that what goes up, typically comes down, or has a correction. If you are a seller, waiting to do better may be a mistake. Then again, it is all about having a good plan. You need to know where you are going when you sell.
We are here to educate, advise, and let you know your options. One thing is certain, if you are planning to make a change in the next year or two, it is time to pay close attention to the market.