FREQUENTLY ASKED QUESTIONS ABOUT THE HOME SELLING PROCESS
IS NOW A GOOD TIME TO SELL?
Yes! Today we are experiencing an historic seller’s market. Most homes do not last one week on the market. Some neighborhoods take longer, but this is due to local market factors like competition from nearby new construction.
HOW LONG DOES IT TAKE TO SELL IN THIS MARKET?
Homes are flying off the shelves. Most homes and condos are taking 7-21 days to sell. The long-term average “days-on-market” is closer to 90 days, so you can see what an intense seller’s market we are living through.
SHOULD I BUILD IN NEGOTIATING ROOM IN MY LIST PRICE?
Although this is contrary to conventional wisdom, you should price your home right at the estimated market value. As a seller, you don’t have to come down a penny on the list price and your home will typically sell for the prevailing market value. Pricing your home “on the dime” will attract the greatest number of qualified buyers in the shortest amount of time. On the other hand, when you over price the property, you typically end up wasting valuable days on the market and end up reducing the price eventually to where the buyers are looking. Over-pricing your home in this market is typically called “the kiss of death.”
WHAT IF I DON’T HAVE ENOUGH EQUITY TO SELL?
Many sellers today bring money to closing to consummate the sale and satisfy the loan pay-off. You may also want to consider a short sale. This involved getting your lender’s approval to sell your home for less than your mortgage pay-off. See the short sale section of this web site for more details.
DO YOU HAVE ADDITIONAL QUESTIONS?
David Baker, MBA, SFR, e-PRO
Baker Realty Group