Mortgage California Blog

Sellers are getting a few breaks

September 18th, 2012

Sellers are getting a few breaks

If you’re looking at selling your home, you’re in luck. Right now, more people are looking to buy homes then sell them for the seventh straight month, per the Wall Street Journal.  Average days on the market have gone from 96 days one year ago to 69 days in July, 2012.

Housing prices are rising due to the limited supply, and interest rates are staying low.

From the WSJ:

With buyers acting more quickly, sellers have been able to boost their listing prices. Asking prices were up by 2.3% in August compared with the same month last year, according to real-estate website Trulia. It was the seventh straight month in which sellers hiked their asking prices, and 68 out of the 100 largest U.S. metropolitan areas reported asking price increases.

With housing demand recovering and home construction lagging, buyers are getting impatient for fear that they have missed the bottom of the housing market, said Jed Kolko, Trulia’s chief economist. However, sellers may be still holding off putting their homes up for sale in hopes that they can get a better price in the future as the housing market gradually climbs back.

While some homeowners are struggling, Lawrence Yun, the chief economist for the National Association of REALTORS®, has stated that “Homes that are correctly priced tend to sell quickly, while those that aren’t often languish on the market.”

So to get the best price, remember four important things:

1.  Find a REALTOR® with the experience in your neighborhood, and the drive to advertise, negotiate, and be your advocate for all facets of the sale.

2. Price your property competitively. Your real estate agent can make a competitive market analysis (CMA), considering prices and features of recently sold homes in your area. He or she will help you zero in on the best asking price.

3. As the seller, you need to do your part by presenting a home that is attractive, clean and uncluttered. Make any necessary repairs so the home is in “move-in” condition.

4. Consider your home’s curb appeal. Cut the grass, place pots of flowers by the door and make sure the windows shine.

And when you receive multiple bids, work with your REALTOR® to find the best all-around offer.

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