• Interest Rates are still at an all time low! Good for buyers—good value...and Good for Sellers—increases the number of buyers.
• Inventory is at a 12 year low! Good for Sellers...helping to strengthen values and make selling an option again.
• In opinion polls, it seems the majority of those ask are feeling that this spring and summer are the best combination of rates and home prices that will be seen. Good for increasing the number of buyers willing to make that purchase, and good for sellers to put their homes on the market and look for the home they need for the next phase of their lives.
• Same opinion polls, show some reluctance with sellers thinking that the market will continue to improve so many are waiting to sell, hence the low inventory we are expereincing.
So here are some tips to have a successful home selling and buying experience in the current market.
Sellers
1) Price your home to the market. Statistics show the more accurately you price your home to the market, the better your selling price will be. Don't fall into the old trap of thinking you must price high to negotiate. this strategy only sells your competitions' homes.
2) Clean up and make any needed repairs. Buyers will alway estimate higher than the actual cost of repairs, so a well prepared home will sell for a better price. I always review a home with my sellers to make a list of needed repairs or touch ups, and if necessary to discuss moving some things to storage to best show the property and not your abundance of belongings.
3) Be flexible and allow buyers to see your home. Remember, once on the market you want someone else to own your home, so begin mentally preparing to let go, by letting buyers see your home when they ask.
4) Try not to be insulted. Remember, the buyers don't have the emotional investment you have. Review offers and requests, and respond in a level headed manor. Getting upset doesn't resolve issues that arise during a sale.
5) Curb appeal, remember to make a good first impression, buyers are making a big part of their decision on if you have or have not cared properly for the home before I unlock the front door.
Buyers
1) Be prepared to review your finances with a lender, set a budget and then be realistic about what that budget will buy...this way you won't pass up very nice homes wanting something unobtainable in today's new sellers' market. I can help you obtain a clear picture of what your budget will provide in the various Central Ohio areas.
2) Carefully review your needs and determine if your budget will allow you to purchase a home that will work well for the next 5-10 years.
3) Be honest about your skills. Can you handle a fixer project or do you need the home to be move-in ready?
4) Be prepared when you are viewing homes to make a decision, if you need to wait, another buyer may move into your ideal home. And, with the increase of multiple offers on homes, you may now have to make more than one offer to obtain a home. Jut a caveat of the current sellers' market.
5) Look at the sold comps and competing properties objectively. This analysis will show you how the home is priced to the market, and this information will help you determine what you are willing to pay for the home. Don't automatically assume every seller prices high to negotiate.
Interesting! Lender David Dikeman of Insight Bank (direct dial: 614-310-7655 or ddikeman@insightbank.com) shares this interesting information:
Consider this – back in 1980, the median home price was $93,000. Today the existing median home price is $184,300. Taxes and Insurance on a home back in 1980 were about $150 per month cheaper than they are today. But, interest rates back then were about 13.5%, compared to today’s 3.5%. The total payment for principal, interest, taxes, and insurance at an 80% loan to value today is $50 per month less than it would have been over 30 years ago. Add inflation in the mix and prices today are a small fraction of what they were back then.
Here's two of our newest listings....each property gets its own website with a lot of information for the buyers!
IF YOU HAVE QUESTIONS ABOUT SELLING YOUR HOME, Buying or Building A NEW ONE, DON'T HESITATE TO CALL, TEXT OR EMAIL ME. 614-657-2005
My promise to my clients: I try to always remember what it is like to walk into this incredibly complex world of buying and selling with little or no knowledge of how the process works. I know that behind the door of your home and in your life there is much more going on than just your real estate transaction. I work with each person, not the house, and with the whole person, not just the issues surrounding the transaction. When I attempt to put myself in your shoes and contemplate what you are dealing with I am most effective.
The Benadum Team
Amy Bumpus
Straight Talk—Always
