Forecasters are saying that if you’re planning to sell your house in 2016 – you’re in luck. The pundits are forecasting this year’s real estate deals to mainly favor sellers which we’ve seen locally with increasing home prices and continued low inventory of homes/condos for sale.
There are lots of tips available online for homeowners thinking about selling this year. And the top tips according to Jonathan Smoke, chief economist for realtor.com are:
Offer Incentives: According to Smoke 37% of all the US home sales in 2015 offered incentives to attract buyers. Many of today’s buyers need help with closing costs and also want expanded home warranties. Think about what you can offer to capture the next buyer looking in your area. So while it’s a “hot market” making it as easy as possible for potential buyers may help sell your home.
Price Your Home for the Market: According to Smoke prices are expected to increase nationally 3% year-over-year. But that doesn’t guarantee are true for every home and condo in greater Cincinnati. Mr. Smoke was quoted “Making the error of going for a price that’s well above the market price is a recipe for being let down and potentially not selling the home at all.” Inaccurate estimates of worth, including bank appraisals for refinancing and what your neighbor’s home sold for 7 years ago is not the way to reach a pricing decision. Properties that sit on the market too long (especially in a hot market) turns off potential buyers who think something must be wrong if it hasn’t sold….yet. The right price the day you list will help secure good offers and, ultimately a closing. Make sure the Realtor® you chose is familiar with your local market. Contact
List During Peak Season- Spring: According to the article Smoke describes “the perfect time to list is when there is buyer demand and prime-season begins in April, reaches it peak in June according to NAR (National Association of Realtors)”. Sellers who list at the right price, offer incentives and hit the market during the prime spring and summer month benefit from a larger pool of buyers. However, while I agree with Mr. Smoke, the continued shortage of homes for sale may fuel of lopsided market through the fall months.
Words of wisdom to sell by- list now while the market is overloaded with buyers, price your property realistically and consider offering some type of (legal) incentive to entice buyers.