Too often, people fail to use all of the information at their disposal when making a home-selling decision. Talk to any real estate professional who has visited with a potential home seller in the past few weeks and they will tell you that we are still hearing people say "I'll start it at this price and lower it if I do not get any offers." In today's real estate market, that thinking will lose them money.
If you find yourself in the position of considering a home sale, I would encourage you to take in all the information that the market has to offer. I believe it is critical that you determine whether home prices are rising, stable, or falling before you consider your home pricing strategy.
WHAT'S THE BEST ASKING PRICE FOR MY HOME?
As we have discussed in previous blogs, less than 40% of the homes on the market will sell this year! Many people do not understand the correlation between price and time. Since real estate generally has appreciated for many years, most people know that if they wait long enough, they will get their price for their home. The trouble is, not many are realistic with their time needs, nor do they consider that if prices are falling, waiting means that they will never "catch up" to the market.
The best asking price for your home is one that will get it sold in the most desired time frame in which you desire to have it sold. If an amount of money desired is not attainable, you should make your best decision on course of action today. Often times, tough decisions today will yield better results in the long-run.
THE REAL ESTATE WINDOW OF OPPORTUNITY
There are over 2,000 people licensed to sell real estate in Tallahassee, Florida. There are roughly 3,000 homes available for sale in the Tallahassee area. Can you imagine trying to keep prices straight in your head as a real estate professional? There is no way that we can memorize each property (or the price of each property), so we memorize the "good deals". When a property comes on the market, if it is priced to sell, we remember it as a good opportunity for a buyer. If it overpriced, we remember it as something to avoid. Since there are so many properties available, and less than 40% will sell this year, we tend not to notice the price reductions as often as we do a property priced right at the onset. With this in mind, my best advice is to hit the market correctly or you most likely will be part of the 60%+ who fail to sell their home.
UNDERSTANDING THE CURRENT REAL ESTATE MARKET
While nobody has figured out how to predict the future, we certainly can track the past and present. The Tallahassee Real Estate Market Bulletin is a great source of current information about the Tallahassee real estate market. You can see current sales trends on Tallahassee homes, Tallahassee lots, and everything related to residential real estate in Leon County, Florida. Stay current with this information and you will be much better prepared to seize your window of opportunity in real estate!
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Joe Manausa, MBA is a 26 year veteran of real estate brokerage in Tallahassee, Florida and has owned and managed his own company since 1992. He is a daily blogger with content that focuses on real estate analytics and providing his clients with a tactical advantage in today's challenging market.