Seeing that we are in an inventory constrained market and are likely to continue in this condition for at least 1-2 years, it is helpful to know how this affects you when you want to sell your home, condo or townhouse.
When inventory is constrained at the same time there is strong demand, properties to increase in price and sell faster. However, there is a lot of variation in this from area to area and even from community to community and amongst property types and between different price ranges.
It is important to know what the conditions are for your type of property in your area and not assume anything based on the overall market conditions. I have seen homes in high demand areas sell within a few days at or above asking price with multiple competing offers and I have also seen homes and condos sit on the market for months and months.
The strategy for selling your home has to start with a proper evaluation of the market conditions for your property in your area. Once that is determined, a proper marketing plan and proper pricing can be worked out.
There are challenges for sellers in this current market that don’t exist in other market conditions. Not having accurate information and a wrong evaluation of the conditions can make the selling experience unnecessarily frustrating.
One added complication is when the market improved, the number of licensed real estate agents began increasing dramatically so there are many more inexperienced agents in the field now. I come across this more often now and run into sellers who have had a bad experience because they chose a listing agent that really didn’t know what they were doing (this even includes some agents who have been licensed for a while) and had what should have been a smooth and positive experience turn into an exasperating one.
It isn’t necessary for you to know everything about the listing and sale process but you do need to be aware that pricing and marketing must be correct for you to get what you want and those are dependent on being knowledgeable of current market conditions for your property and area as well as the most marketing actions that are currently the most effective for your area, your type of property and your price range in your current market.
Getting the best price in the least amount of time with a deal that does close and has the least frustrations for you – these all start with accurate info, an accurate evaluation and come about with the correct plan.