SELLING YOUR HOME IN A “BUYER’S” MARKET

For many of us, our home is our greatest asset.  We keep hearing on the news the market is this or the market is that.  The media likes to portray the housing market as a never ending ball of fire that will eventually crash into disaster.

As a local real estate agent, I don’t accept the “fire ball theory”.  Yes, we do have a great deal of inventory on the market, and less buyers.  And yes, if homes aren’t priced correctly they won’t sell in a reasonable amount of time.   We hear people say, “Well, when I sold my home back in 1995, we didn’t have this problem.”  Ten years ago, a different market was in existence.  Competition wasn’t as fierce, and there weren’t as many homes for sale.

Bartow County offers a unique opportunity for home sellers.  People are moving into northwest Georgia from all over the United States.  They are moving here for:  affordability, a low cost of living, and for business relocation. Residents are also coming from border hurricane states due to rising insurance and reconstruction costs.  Pricing our homes effectively will help us capture those buyers and will help us to stabilize our local housing market.

The key in selling our homes in today’s market is to price them competitively.  Traditionally, three key elements are deemed important; location, condition, and price.  Price takes precedence over location and condition in a buyer’s market.   Location and condition are still important, but pricing takes the front seat “at market.”  “At market” is defined as: “What buyers or sellers will pay for a home,” not what we “Think our home will sell for” or “What our neighbor says our home is worth.”

Most traffic will come in the first four weeks of “for sale” activity.  According to The National Association of Realtors, homes priced 10% above market will lose 30% of potential buyers.  Loss of potential buyers dramatically increases in proportion to price increases “over market.”  It is advisable to price your home strategically in order to get the most bang for your buck.  None of us want to make additional house payments.  Pricing competitively will assist you in avoiding the “additional house payment pitfall.”

Most real estate agents will provide you with a free competitive market analysis for your home.  According to The National Association of Realtors, listing your home with a real estate agent will generate the most revenue in your home’s sale.  Real estate agents can assist you in finding those “great deals” we often hear about in a buyer’s market.”  Best wishes for a happy home sale!  See you next month.

Trish Sullivan