If you are thinking about selling your Tallahassee home, I have some quick advice for you. You see, getting a home sold in Tallahassee, right now, is not as tough as you might think. The key is understanding a few things about how the market works and how you might fit in with it.
What Home Buyers Want
Right now, there are roughly 1/2 the number of buyers in the Tallahassee real estate market as we would normally see. As a general rule, they are conservative and concerned due to the state of the economy. They are looking for value. Ultimately, they are going to buy the home that is the best value on the day they make their purchase decision... Wouldn't you if you were buying today?
Understanding The Housing Competition
Knowing that Tallahassee home buyers are looking for value, another key factor if you want to sell a home is knowing who your true competition really is. For you to determine "good value," you have to know what to compare with. This takes working with a real estate company that understands the market better than the others. Choosing your initial market position is perhaps the most important factor when deciding to sell a home in Tallahassee.
Your Motivation To Sell A Home In Tallahassee
So you know what buyers want and you understand your competition and how to value your home, the next and final step is to understand your current situation. Are you motivated enough to sell your home? Here's a simple test:
Pick which of the below choices best describes you. Think seriously before you decide, as this will help you greatly.
- The Casual Seller - The casual seller says things like "We are not in a hurry," or "We don't want to give it away." You can expect this person to say "We will sell if we can get $X ...."
- The Serious Seller - The serious seller says things like "I understand the market and I'm willing to sell my home for what I'm seeing out there." This seller is ready to sell at "perceived market value" and they expect to price their home with the competition to get it sold.
- The Very Serious Seller - The very serious seller must sell now. They are willing to create a perception of value and entice buyers to select their home before all others.
So, what kind of Tallahassee home owner are you?
Who Will Sell Their Tallahassee Home
If you answered the above question as honestly as you could, you need to know that the casual seller is not going to sell their home in Tallahassee, in today's market. There is just way too many homes for sale in Tallahassee and the casual sellers are doing themselves and the very serious sellers a dis-service by adding to the inventory.
The Tallahassee housing market will eventually recover and there will again be great times to sell, but today's buyer pool is looking for value. Even the serious seller is most likely not going to sell their home. With over 21 months of supply in the Tallahassee MLS, plus new short sales and foreclosures just entering the market, I suspect only the very serious sellers will be successful over the next 12 months.
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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.