Buyers and sellers often recognize changes in the market after the changes have already affected them. Homeowners who consider selling their homes but stay on the sidelines watching sales pass them by often miss the boat.
A seller’s market, like all other markets, is not a permanent situation and can change anytime. The opportunity to sell a home for the highest possible price will not last forever.
Buyers are often tentative and second-guess the market by overanalyzing property values. Many times, waiting for an exceptional deal or the perfect home in the desired price-point is not a wise move in a seller’s market. The combination of a low inventory of available homes, rising prices, and the expanding number of buyers in the market may result in a buyer losing the opportunity to acquire the desired home unless the buyer takes quick action.
Pricing a home under these conditions is not a license to grossly overprice it. If a home is listed far above the market value, it will not sell and even after several price reductions, it may sell for less than the desired market value. Many of us know about a home that has been for sale for several months while surrounding homes sold quickly.
The key to buying or selling a home in this market is to understand it and to have access to recent data on what is happening in the area that you are looking to buy or sell a home. Also, most importantly, it needs to fit your short and long-term needs and goals.
Thinking about buying or selling a home? Contact me at any time. Let’s talk about your options and create a game plan to achieve your goal. I am never too busy for you.
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Mariness Chata / (661)317-3332 / MarinessChata@outlook.com
Real Estate Insights By Mariness 