Thursday, August 16, 2018 / by Anne Rose
The inventory of existing homes available for sale has never been lower in the 35-years since tracking began, according to the National Association of Realtors. Nationwide, that number is approximately 1.5 million homes, compared to nearly 3.5 million homes available for sale in 2008.
As of January 2018, home prices appreciated year-over-year for the 69th consecutive month. Since the real estate market crash (which bottomed-out in February 2012), home prices have appreciated 47%, surpassing the pre-crisis peak by approximately 6%.
Activity is up in both the sale of existing homes and new homes. However, pending homes sales are down nearly 4% year-over-year due in part to challenges in inventory and decreasing affordability as interest rates start to climb.
New home completions have been climbing, as have building permits, as the market attempts to keep up with demand.
Overall, with a 5-month supply of inventory, it is indeed a seller’s market.
So, You Want To Sell Your Home?Even in a sellers' market, sellers must market their home to sell it at a good price and in an expedient amount of time.
To repeat an often used phrase “the process is simple, but it’s not easy."
It is always “real estate season” in Southeastern North Carolina, and buyers from the Northeast and parts unknown regularly grace our shores. You must present your home for sale in the best-possible light.
What does that mean?
- Interview and hire the right agent. The agent that gives you the highest opinion of value is not necessarily the right agent - he or she is just the agent that tells you what they think you want to hear.
- Despite what anyone tells you, pricing is 80% of marketing. If you get the price right, the marketing will largely take care of itself.
- Think long and hard before investing in cosmetic improvements. Kitchen and bath remodels and/or additions can often yield a return, but bandaid approaches to improvements can frequently result in a negative return.
- Declutter, declutter, declutter. Oh, and declutter.
- Make it as easy as possible for potential buyers to view your home. The less willing you are to be inconvenienced by those pesky buyers, the less likely it is that your house will sell quickly.
- Make sure your agent takes professional photos and uses video when possible. As they say “a picture is worth a thousand words”. Too often we see terrible photos of a terrific house.
Sellers shouldn't take a "sellers' market" for granted. It may be the right time to sell your property, but you still need to approach the challenge with expert advice and a solid marketing strategy.