Hamilton County schools started back today. Parents can be seen skipping into the local Starbucks, happy that their children are back on a normal schedule. The selling season is still strong in Chattanooga with the average day on market at a historic low of ….. However, traditionally, the selling season slows somewhat when school is back in session. The theory behind this being that families are busy with back to school and if a change in school district is going to take place with the move, Christmas break and summer break are prime times to move.
What can you do if your home is on the market right now to keep the momentum of the selling season well, moving? Plenty. There are three things that determine a home selling. Price, location and condition of the home. Location cannot change. If you did your research when purchasing your home or before listing it, you should have a good idea at the demand for your area. Location is the one unchanging variable when selling a home. With that in mind, it is key to remember the law of supply and demand. Homes in greater areas of demand, seller faster, at a higher price per square foot than those in areas that are not in as high demand.
Condition, is a variable that you do have some control over. Do you need to spruce up your home? Clean out closets and de-clutter your common areas? Are you in need of some exterior renovation? These things can factor into the sale of a home. New kitchen cabinet doors, carpet, fresh paint and new landscaping all are inexpensive ways to improve the condition of your home. If you make changes that improve the condition of your home, make sure your real estate agent knows so that they can either take pictures of the new updates or highlight it in the MLS listing.
If your home has been on the market for more than 30 days, it may be time to get serious about pricing. Unfortunately many home buyers over paid, underestimate the demand of their area or are hoping to make a large profit on the sale of their home. Real estate agents spend time educating themselves about the area and look at past sales and current market values to determine the price they recommend to their clients. However, agents are also human and will listen to their clients when pricing their home. If a client is certain their home will sell at a higher price, agents will often list it higher than perhaps the market is dictating. Sometimes, this works. More often than not, however, it does not.
If you home has not sold or has had few showings, it is time to adjust the price. Consider the homes that have sold in your area in the past 6 months. Were they comparable to your home in size? What was the price per square footage that they sold for? Buyers are savvy and are looking to make good investments. A fair market priced home is more likely to sell than one that is overpriced.
While there is no magic formula to selling homes quickly, hiring a knowledgeable real estate agent and listening to their advice is important. When looking for an agent to sell your home, you should look for someone who understands the market and has experience in selling homes and helping buyers purchase homes. Our team has over a dozen years combined experience with both buyers and sellers and can make sure your home stays top of mind during the entire year, not just the “selling season”.
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