Selling Conditions - January 2017
Given today’s market conditions sellers are well adivsed to do two things:
Polish their properties to show their very best
- Price their properties accurately
Failure to do one or both will hinder or prevent a successful outcome.
Under the microscope - Shining the light on the property
Properties that look their very best and are priced right are moving.
Properties should be staged, freshly painted, have new or nicely done floors and be clean and should show as little deferred maintenance as possible.
Sellers can obtain a very high return on their incremental investments in:
Refinishing or replacing old floors or carpet
Replacing old kitchen appliances
Repairing broken fixtures and trim (electrical or plumbing)
We typically conduct on site inspections to advise clients on cost effective investments that return net returns far greater than the costs of these investments.
Asking prices must be fair. After a monumental three year run up in prices, there was some softness in the condominium market in particular in late 2016. Buyers had more choices in late 2016, particularly in the condo market. Properties that are properly priced move quickly. Properties that are priced too optimistically sit while buyers wait for price reductions. Quality attracts its own demand, but all properties are subject to some price competition. This holds true since values are often a function of the subjective views of competing offerings.
Inventories of available properties have been low for a long time with demand outstripping supply, but we are beginning to see more inventory - albeit at very high prices. Some of this inventory is now beginning to sit as Sellers are occasionally getting too optimistic in their pricing expectations.
So inventories will drive the need to accurately, objectively price listings. Wishful thinking is not rewarded in the existing marketplace. Sellers should consult reputable sources in seeking assistance in pricing their properties before placing them on the market.
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