I was recently looking at the latest snap shot report from Pacific Appraisal and it reaffirms what most agents are seeing and feeling in the market place – that values are starting to rise and if you put a home on the market, it will sell for list price in less then 30 to 60 days. In some price ranges, this could be true. When looking at homes under $250,000 the average days on market is under 4 months and values in some price ranges have risen as much as 8% since this time last year. All this points to a great market, correct?
Yes, this is a trick question. At the first of the year, there was a true lack of inventory and those homes that were placed on the market were priced correctly, were market ready – staged, repairs done and were cosmetically appealing. Those homes did bring a great price, they sold in less then 100 days and they had less concessions due to repair needs. As late as May of this year, interest rates were still around 3.5% and it seemed that the sky was the limit.
Since then we've seen interest rates rise by a point to 4.5%. I've also seen some sellers trying to take advantage of the uptick in the market. Unfortunately, the lack of presentation for the perceived value in their minds is evident. You still have to make sure the property is priced right based on recently sold properties (this is how an appraiser values your home – not on what the house around the corner is listed for) . I've also seen some properties that were not even close to being ready to sell. Your home doesn't have to be on the cover of BHG, but it does need to be clean, staged and repaired.
As part of my marketing plan, I incorporate pre-inspections, staging and have repair personnel that can help with the process. I also provide professional photographs. If you agent isn't doing these things, how do you expect to get the best offer in the least amount of time? When you're ready to sell your home, hire a true professional Realtor. Give me a call for all your real estate needs.