If you are needing to sell your home, you should know what factors will affect your sale. Knowing what these factors are can help you plan to deal with them better. Additionally, if you don’t want certain local real estate market factors to affect your sale adversely, you can wait for a better time to sell your home.
How Fast it Sells
In general, homes are selling around three times faster than pre-COVID. However, just relying on this statistic will not ensure that you sell your home quickly. To sell your home quickly, you have to time it right with your local real estate market.
If there are many other properties for sale in your neighborhood, chances are that your home will not sell as quickly because buyers have other options. If you know there are many other comparable properties to yours on the market when you are trying to sell, you need to make yours stand out from the rest. One of the best ways to do this is by having a more competitive price.
The Price You Get
Although your home does not change much in a few months, the real estate market can change a lot. Because of these changes in the real estate market, the perceived value of your home and how much you can get for it can change drastically.
During a seller’s market, you can ask for a higher price. However, when you are not in a seller’s market period, asking for a higher price can cause your home to be overlooked.
How Interested Buyers are
Studies show that more options often lead to more indecision. If your local real estate market is saturated, buyers are being inundated with many options of homes they can buy. Because they are looking at so many homes and prices, it can be hard for buyers to keep the details straight in their minds and decide quickly which is best for them. They may be reluctant to place an offer on a home or follow through on a home because they fear missing out on a greater deal.
Learning about and researching your local real estate market can feel very overwhelming, especially if there are many other homes for sale. Hiring a professional realtor can help you navigate the market. They can also help you use the market to your advantage.
Did you enjoy reading this article? Here’s more to read: How to Prepare Before Selling Your Home