This blog post will help you prepare for success in the current real estate market.
Many of you have asked how the real estate market is doing, and the market is ever changing.
The first half of this year was fabulous in almost all sectors. Homeowners were receiving multiple offers within hours of putting their homes on the market! This did not happen in all cases, but if the home was priced properly based on condition the result was positive. Overpricing a home is always a bad idea, especially when the market is strong because buyers wonder why a home is sitting on the market for longer than a month.
I expect the market to flourish next year, especially in spring. The best months to sell are late February to the end of May. That is when buyers will pay the highest prices for the year. If you are thinking of buying first, the off months are the best time to buy (November-February). There is less buyer competition and sellers price their homes during the off months realistically due to need type sales (death, divorce, job relocation, health reasons). They are motivated to sell quickly and price homes accordingly. If you buy in the off months, you can then capitalize on selling your home in spring and you will know where you are going to live.
I am often asked what are the best improvements to make to get the ‘best bang for the buck’. Paint, paint, paint! That is the cheapest and best way to get your home ready for market. But the key is to paint with colors that resonate with today’s young buyers. Examples are steel grey in living rooms and hallways, pale green in kitchens and tope in bedrooms. There are many other colors that work and you can always go online to check out what are the most popular colors for today’s savvy buyer.
Make sure all defects are corrected, especially roof, basement and furnace. It is critical that your electrical system is at least 100amp circuit breakers because insurance companies won’t insure a home in most cases with 60-amp service.
If the exterior needs paint, do it now! It is still warm enough. So often I get a phone calls in winter or early spring to sell a home and the exterior trim and siding show poorly. There is nothing you can do about that when temperatures are below 60 degrees in most cases. So, think ahead.
If you have a parent that needs to sell in the coming year or two, start the downsizing process now! We work with professionals who can help. Just give us a call or email and we will send you the information to connect with the professionals we trust. Downsizing can be so easy if you let others help!
Don’t hesitate to call us with any questions you may have. We have over 35 years of experience in helping you make the best real estate decisions for your future!!
As always, if you have any questions, please feel free to reach out to us!