submitted by Lynne Kelleher, Berkshire Hathaway Home Services, Fox & Roach Realtors
Despite what’s going on in other parts of the country, the local real estate market is still strong, but it is far from the “anything goes” market we’ve been experiencing for the past few years.
Here are some recurring themes I find some Sellers still believe that I feel compelled to debunk for the good of all concerned:
- “I don’t have to prepare my house for sale – buyers are so desperate they’ll overlook most anything.” Umm…that’s a resounding WRONG! Remember your prospective buyer is part of the HGTV generation, so their standards are high. And because of increased interest rates, they’re stretching their budgets just to get into the house, and may not have the funds needed for costly replacements and repairs.
- “I can get 20% more than my neighbor did last spring.” Not so fast mister! Properly pricing your home has never been trickier. Homes that are compellingly priced attract the most buyers, which in turn results in obtaining the best price AND terms. Testing the market at an inflated price is NEVER a good strategy.
- “I don’t have to negotiate.” Says WHO? Depending on the situation and the condition of your home, it may be necessary if you want to get to the closing table. This is where an experienced agent is invaluable.
- “Insurance isn’t a problem.” This has been a huge eye opener for both Sellers and Buyers! Don’t assume the Buyers will get a rate for homeowners’ insurance similar to yours – rates have increased dramatically. Flood maps have been redrawn, and your prior claims can significantly impact the rate your buyer will pay. Since homeowners insurance is factored into the Buyers qualifying ratio’s, this isn’t something to overlook.
That being said, it’s still a good time to sell a home. It’s also a good time to buy a home.
The key is working with an agent that has a proven track record of selling homes in YOUR community, regardless of market conditions. That, of course, would be me.
Contact me at 215-813-6655 and see how to make this market work for you.