Inventory is low and rates are good!
I agree with projections that sellers will get higher sale prices.
Sale prices have been up over the last year, and so far this year too.
Having a realtor that will give you a multidimensional view in pricing your home is important in this market so you don't under price your home.
A traditional CMA is one dimensional and linear and doesn't take into account real changes in real time.
As a seller you should have a realtor review recent sales and the specific trends in your immediate area or neighborhood.
Take into account the style, age, size and price range of your home and review the trend in light of all the factors that affect the sale of your home.
Your listing agent will help you interpret that data and come up with a sale price strategy.
There is a line between under pricing and over pricing, for the best possible outcome stay between the lines.
Sellers should keep in mind, there will most likely be an appraiser and a lender involved with their home sale moving forward all the way to settlement.
Ultimately the lender and the appraiser will keep a buyer from over paying, and since many buyers finance it will also keep your home sale price from escalating too high too fast.
The purchase agreement is usually conditional on the buyer’s satisfaction of all inspections, HOA reviews, and also needs the lender's thumbs up and a clear to close.
Your maximum sale price will be based primarily on the most recent similar home sales. So if you want to sell, that will be the primary factor in the sale price.
The appraiser may allow some added value for great condition with new or superior quality upgrades. And some other factors as well. Such as square footage, style and age of the home, the amount of the buyer's down payment and the type of mortgage a buyer is using to purchase the home.
An appraisal may take into account and give value if there is a clear recent pattern of increases for similar homes. But being realistic could be the difference in getting the highest possible sale price for your home or taking the risk of getting less, prolonged days on the market, or not selling.
Remember the mortgage crisis, appraisers answer to the lenders and you can bet for sure that they will be careful.
If you decide to severely over price your home, you could loose potential buyers who view your home as "too high", or out of their price range, or buyers may view you, the seller, as unreasonable and may decide not to make an offer or even look at the home in the 1st place.
So don't push the limits to a place that will disappoint you in the end.
Put together a realistic plan to prepare for your move. Keep in mind your most important moving goals? Keep the sale on track with the ultimate goal of your home sale.
I have seen sellers disregard facts and professional advice. And instead hold on to a number of personal reasons they use for over pricing that have nothing to do with selling a home.
And then get mad at the agent for not being a "better" sales person.
A colleague of mine always says jokingly, "I can't sell a 1 bedroom condo to a family of 5; I'm good but I'm not that good"
I can market and expose the home. I can represent and help a seller make good strong educated decisions to achieve the best outcome possible.
But I can't make a 2000 sq foot home, a 3000 square foot home; and I can't move it to a higher priced area.
Cash buyers most likely are not foolish enough with money to over pay, and buyers getting mortgages are just as aware and educated.
And appraisers and lenders are a checks and balances, if they somehow were willing to over pay.
A buyer most likely won't overpay because a seller needs or wants them to.
But a Buyer will pay what we can clearly show the home to be worth!
Sellers can get more this year due increased sale prices and an improving market, that's great!
Just remember don't loose your head, and don't loose your sale!
Are considering selling your home this year? For a multi dimensional market analysis of your home please contact me. It will be my pleasure to meet with you and go over the details of your home, neighborhood, and expected sale price.
Kathy's Cell # 215 - 896 - 2795
Neil's Cell # 215 - 896 - 2975
Office # 610 - 363 - 4300
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Keller Williams Real Estate
Exton PA 19341