Understanding The Market

The real estate market can be fickle. Some years buyers have so many choices that supply exceeds demand creating a “buyers market.” Other times there are fewer homes on the market so that seller’s get to dictate the price and conditions of the sale (a “sellers market”). Either way, a home will most likely sell at its fair market value. But, depending on the market, one or the other may have to acquiesce a little to get what they want.

The correct selling price of a home is the highest price the market will bear

A property’s market value is determined by what buyers are willing to pay. So, understandably, in a buyer’s market buyers can find better deals than in a seller’s market (where the demand for housing is greater than the supply).

The first step to determining a fair price for your home is to get a Peoria Home Value Analysis of comparable homes that have recently sold in your area. This report compares similar homes in your neighborhood and the price they sold for recently. We offer a comparative market analysis (CMA) for free. Just give us a call (309-683-1509) and we’ll prepare one for you. For a more accurate valuation of your home, we can schedule a visit to note your home’s condition and any improvements you’ve made.

Factors that affect the value of your home

There are many factors that affect the market value of your home. Some are within your control and some are not. For instance, those within your control include

Listing price
Terms offered
Condition of the property

The factors outside your control are:

Location and size of your home
Current market conditions
Other homes on the market

Is there a best time to sell?

In Peoria, spring is usually a good time to put your home on the market because many buyers are looking for homes at that time so they can purchase a home and move their families before school starts. But it’s always a good idea to put your house on the market as soon as possible so that it has plenty of time to sell. In a buyers market, homes typically take longer to sell.

How long should it take to sell?

Average listing times vary, of course, but typically it takes about 90-120 days.

How much should I list my home for?

Be realistic about your home’s value and price it accordingly. A  Peoria Home Value Analysis is a good place to start. Be careful not to overprice your house thinking you can lower it or negotiate later. This turns off buyers and may keep your house on the market even longer. When your home is on the market for a while, people tend to think there’s something wrong with it.

Make your home as appealing as possible

Make sure your home shows its best by creating curb appeal, cleaning and staging it for optimal attractiveness. Don’t start any major renovations; you may not be able to recoup the costs. Do, however, fix anything that needs repaired.

The real estate market is hard to predict but following this advice will make it easier to sell your home in any market condition. For information on the current and expected market, be sure to contact us today for a complete no obligation consultation.