Thinking of Selling Your Home??

If you've been thinking of selling your home, it's important to understand the market conditions and what everything means!  There's a lot of lingo that REALTORS® use and sometimes it can be a little overwhelming.  For an optimal selling price, check here, or give me a call and I can show you the current market trends and conditions! 910.545.0450

Buyer's Market vs Seller's Market

A “Buyer’s Market” is characterized by a period of oversupply and falling prices. Oversupply means there are many substitutes, so many sellers are chasing only a few buyers. Falling prices means there is no urgency for buyers. During a Buyer’s Market, the buyer holds the power and can negotiate from a position of strength.

A “Seller’s Market” is characterized by a period of undersupply and rising prices. When supply is short there are more potential buyers than there are properties for sale. This forces prices up and gives power back to the sellers. Sellers can hold out and ask for full list price.

What do the "Comps" look like?

“Comps” are properties that are comparable to each other – substitutes.  Brokers can create a Comparative Market Analysis (CMA) that compares properties that have sold recently that are similar to your home.

When selling it is important to always factor the comps into your decision making process. Comps will show you approximately what price to list your home for sale.

Always consider Active, Pending and Sold properties. Active listings are those that are currently listed on the market for sale. Pending sales are those which are under contract to close. Sold properties are those which have closed escrow and are now possessed by the new owner. These three types represent various stages of a real estate transaction (start to finish) so they can give you a gauge of where pricing is possibly moving.

How many “Days on Market” have the properties been listed for? If properties have been listed for an average of several months or years it means they have been difficult to sell. If properties are selling with only 30-120 Days on Market it means they selling relatively quickly. Days on Market are a good gauge of demand within a given market.

Sometimes foreclosure sales and short sales have to be included in the comps.  Which can alter the days on market, demand and of course value.  That's when I would incorporate other tools and factors to determine a fair market value and optimum selling price for a homeowner.  Analyzing the market is different than providing a CMA, so it's in the homeowner's best interest to work with a REALTOR® that really understands the market.  For more information on selling your home, give me a call 910.545.0450!  I'd love to help!

 

What is my home worth?

A lot of homeowners are curious about their home's worth and often don't get reliable answers!  You can check zillow, you can check the tax office, and you can see how much your neighbor's house is selling for.  But how do you get an accurate idea of market value for your home?

A Comparable Market Analysis is a tool that REALTORS® use to determine how much a home will sell for in the current market.  For instance, a homeowner called me this week and wanted to know what her home's value is because her neighbors had been thinking of selling and she didn't think she'd be able to.  I put together some numbers for her and was able to easily explain the current market conditions and how her home stacks up.  She had no intention of selling, and that's perfectly ok.  With the Comparable Market Analysis, she was able to better plan what she wanted to do, and have accurate information about her home!
A Comparable Market Analysis can come in handy for many reasons- looking to refinance? Take out an equity loan? Sell in a year?  Possibly buy another home?  This will allow you to make a more educated decision and take some of the questions out of the process.  You can check your home's value here. Or give me a call- 910.545.0450, and I'll happily provide a comparable market analysis to show you what your home is worth!