As we now wait for the spring home buying season in 2009, many sellers are looking for ways to make their homes stand out from the competition, particularly in markets that saw a continued increase in levels of inventory in 2008.
Successful selling strategies incorporate creativity and a solid understanding of local market fundamentals, including buyer demographics, seller position, and current financing options. Some strategies include:
• Targeting the right buyers
First-time home buyers and people who have had credit problems in the past but have resolved them can take advantage of favorable conditions in many markets.
• Pricing correctly
This isn’t just about comparing recent sales for like properties; it’s also about anticipating where the market is headed and thinking strategically about online search results and the price ranges in which buyers look for homes.
Relatively speaking…
There are fewer homes on the market today than at the peak a few months ago when inventory levels rose to close to 11 months. Still nationally, the 9.9 month’s supply seems like a lot of inventory. In comparison to the 13.8 months supply and 17 percent mortgage interest rates in 1982, we are living in a dreamland! Check out the mortgage rates at sub-5% levels on a 30-year mortgage.
If you are selling get ready for possibly an early spring selling season. Price those properties correctly, and the good news is that with inventory levels falling we might actually see more of a balanced market in the near term future if interest rates remain low!
