Real estate trends for spring

In the western U.S. unit sales of homes are the highest they’ve been in 3 years. Sales are primarily focused on lower end homes, where sellers are still disappointed that prices are soft, but obviously buyers are reaping the benefits. The key to all of this, if you are a seller, is that buyers are keenly aware of the fact there are bargains to be had and they’re taking their time to look for them, and they’re being extra picky. If you’re a seller, hoping to push the market boundaries, this is NOT the time to do it. If you have a fair amount of flexibility in price and time AND you’re willing to do the necessary work, you’re probably okay but if not, you may want to wait to sell your home.

Be aware of the tendency to put your home on the market at a higher price just to see on the off chance whether or not it will sell. If your home is overpriced it won’t sell, which leads people to wonder “what is wrong with it.” In reality there likely isn’t a thing wrong with it except that you’ve priced it incorrectly, but that’s not always obvious to buyers. Buyers have the tendency to suspect sellers may be trying to pull something. Right or wrong, they’re likely to punish sellers for overpricing their homes by looking elsewhere.

Buyers want things easy. That’s why they want your house to be in move-in condition. They also want it to be priced properly because they don’t like to negotiate.

To be a successful seller right now you MUST have flexibility and you MUST be willing to do the necessary work. Buyers could care less that you love your house, they want it to be priced properly and in good shape.

Some of the best advice I can offer right now is to get a pre-inspection, especially when it comes to an older home. That way you know exactly what you’re getting into. I’m always amazed at sellers who are willing to invest $20,000 in upgrades but are hesitant to pay $300-$400 for an inspection to get an idea beforehand if there are any serious problems lurking that they may not be aware of. So get an inspection, fix all the issues the inspector notes, and go from there. Trust me, once you ARE under contract and the buyer’s inspection rolls around you’ll say, “I am SO glad I read that Skinny blog and had the inspection done!”