If you’ve been trying to sell a home in the last year, you may be surprised to hear that we think you should keep your chin up because the outlook is brightening! We know it has been an up and down market for real estate in the past few years, so we’re here to give you some perspective.
We recently read a report by HouseHunt Inc. that stated this: “Even though there are still problems to be solved, the result of our 2010 random survey is good news for home sellers who have been unable to sell and for lenders reluctant to lend because of price depreciation and loan defaults. Any meaningful recovery must start from the bottom.”
So what exactly does that mean about the real estate climate for sellers? Well, in their recent survey of real estate agents, 53% of respondents reported that on average, their customers have been getting more than 95% of their asking prices; 60% reported customers receiving multiple offers; 52% reported minimal (0-10%) appreciation since 2009, and 77% reported that listings are taking more than 60 days to sell.
Though news about home sales in 2009 were less than ideal, there are factors coming into play in 2010 that are helping to change that trend. Due to historically low mortgage rates and relative ease of qualifying for a loan for responsible buyers, there are a substantial number of people exploring the real estate market with purchase intent! While “people are house hunting” will never make headline news it is a great sign for the real estate climate.
Many house hunters today are looking for bargains and may make low-ball offers, so it is essential to position yourself with a strong value proposition for your home as you put it on sale. Well staged pictures of your home, flexible home showings, and other incentives for buyers like knowing what to be willing to negotiate on can help you avoid lowering your asking price to get your home sold.
A talented real estate agent can help you prepare your home for sale, help you set realistic expectations and distinguish the qualified buyers from the “tire kickers,” so that you spend less time in the overall selling process and more time in conversation with real buyers.
If you have a home for sale and things aren’t moving very fast, keep your chin up. A Fonville Morisey agent can walk you through the process of making your home stand out in potential buyers’ eyes. At Fonville Morisey, we sell a house in the Triangle every 90 minutes. Why not let your home for sale be next! Drop us a note and we’ll be in touch.