As we've been pointing out in recent communications with you, there is a key shift in the real estate market to a more buyer-led environment, as a correction between asking prices and affordability takes place.
Here in Iron County we have been relatively sheltered from this transition to a buyer's market, but we are certainly not immune from it and it is necessary for sellers to adapt to ensure they take full advantage of the tremendous buyer demand that's still out there.
To help you in that process, here are some key areas for attention:
Keep up appearances - In a more competitive environment, home condition matters even more. While buyers may overlook imperfections when there is a severe shortage of homes, more choice enables them to be more selective. It's therefore very important to eliminate any negative factors that may not help you to sell the property.
Be realistic - Buyers are now very resistive to what they consider to be overpriced homes. If you don't listen to your agent and price too optimistically, don't be surprised if no one wants to view. The key strategy in today's market is to price according to what similar homes have very recently sold for. That identifies what the market will bear and will attract interest. It still happens that buyers will compete for the best homes, so there's every chance you could receive an offer above asking price if the correct procedure is followed.
Patience is a virtue - Those days not so long ago when "For Sale" signs disappeared from front lawns almost as soon as they were put in the ground are no longer the norm. Changing market dynamics mean that it is likely that your home may take longer to sell now. You therefore need to factor this in to the time when you list. The misguided tradition of people waiting until the New Year until they list is an even worse idea at the moment. Don't wait until snow is on the ground either. The earlier you list, the more opportunities you'll have to sell in a timeframe that suits your future plans.
Keep calm - While things are definitely changing, buyers still want to find their ideal home, and in numbers. The difference is that they are now in the driving seat more than they have been in recent years. In fact, we are arguably moving towards a more normal and sustainable real estate market. The trick is to make sure that you're in the best place to make your home a great fit for what buyers now demand.
Hopefully the above advice helps you to consider the simple steps that need to happen to ensure you give yourself the best chance to get an optimal return on your sale. We have navigated successfully through these conditions before and know what to do to put our clients in the best position to make the most of them. Why not contact us today for an informal discussion of what's best in your individual circumstances.
