How to Maximize Your Home’s Potential in a ‘Seller’s Market’

Posted on Dec 29 2015 - 9:53am by John Voket

home sellersPlanning to sell in 2016? Whether it's a pending late winter relocation or a thoughtfully planned downsizing that can occur at your own pace, it's a seller's market out there right now. But despite the advantages of a seller’s market, the folks at Ross Insurance of Holyoke, Mass. say it never hurts to take proactive measures to ensure your home sells as quickly as possible and for the best price!

Their experts offer the following suggestions to position your property favorably in 2016.

  1. Exceed buyers' expectations. Many people who’ve been around the real estate block expect pre-owned homes to come with problems. Get your property into tip-top shape before you put it on the market and you’ll eliminate most buyers’ potential objections.

  2. Don’t price your home without a comparative market analysis. You may think your property is worth $500,000, but the local real estate market needs to agree with that price if you want to have any chance of making a successful sale. Ask for a comparative market analysis (or CMA) to help you understand what it will take to sell in your neighborhood.

  3. Don’t wait for values to go higher before you put your home on the market. According to the National Association of REALTORS®, new home construction is lagging behind job growth in nearly two-thirds of metro areas in the U.S. Additionally, there are more buyers considering the housing market, as a result of continued improvements in the job sector and broader economy.

Deborah Korlin of in Sevier County, Tenn. says if there is no immediate turnaround pressure, sellers should spend some time figuring out what they can afford to do to make their property appealing and what repairs are necessary.

Korlin also recommends that sellers work with a REALTOR® to gain additional insight, suggestions and advice on what would bring sellers the most “bang for the buck.” She says sellers might be surprised at what agents are going to recommend for repairs. Sometimes, sellers are advised to "pass on certain repairs and let the next homeowner enjoy tackling it!”

It can be shocking, but Korlin says some updates or repairs just won’t bring more money to the sale, no matter how much they cost.

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