Why Selling a Property in Today’s Market can be Tricky
In a market where home inventories are low and demand is on the rise, such as the market along Highway 30A in Santa Rosa Beach, many potential sellers can get caught in the “trap” of expecting a price above what the market will bear and an unrealistic expectation of how long it will take to secure a contract to purchase. Yes, the market today is changing and is doing so to the advantage of the seller but the sudden euphoria that can take place needs to be tempered with some reality.
To begin with, most sellers are less than realistic when evaluating their own property objectively. It is not uncommon for sellers to overestimate what their property is worth and how long it is going to take to sell it. A good real estate agent will guide you toward placing a fair price on your property based on comparable sales in your area and provide you with a CMA (comparative market analysis) in doing so. Always remember that nothing will drive the success of your partnership with your agent more so than price ! Here are some things to think about as you go through the mental mechanics of determining what your property is worth:
1. What another appraiser says your property is worth never affects the value.
2. What you paid for your property never affects it’s value.
3. The amount of cash you need from the sale of your property never affects it’s value.
4. What your friends and neighbors think your property is worth never affects it’s value.
Regardless of how well or poorly the real estate market is doing, there are buyers out there ready to buy your property. Buyers never leave the market but you can certainly price yourself out of it.
The true value of your property is determined by what a buyer is ready, willing and able to pay in today’s market based on a direct comparison to what similar properties in your area have sold for within the last 6 months. The market will determine what the value of your property is. It is our job as agents to find that right price and get it sold for you!