Don’t wait to sell your house! Buyers are searching now.

Recently released data from the National Association of Realtors (NAR) suggests that now is a great time to sell your home. The concept of ‘supply & demand’ reveals that the best price for an item is realized when the supply of that item is low and the demand for that item is high.

Let’s see how this applies to the current residential real estate market.

SUPPLY

It is no secret that the supply of homes for sale has been far below the number needed to sustain a normal market for over a year at this point. A normal market requires six months of housing inventory to meet the demand. The latest report from NAR revealed that there is currently only a 3.6-month supply of houses on the market.

Supply is currently very low!

DEMAND

A report that was just released tells us that demand is very strong. The most recent Foot Traffic Report (which sheds light on the number of buyers who are actually out looking at homes) disclosed that “foot traffic grew 10.5 points to 52.4 in March as the new season approaches.”

Demand is currently very high!

Bottom Line

Waiting to sell will only increase the competition between you and all of the other sellers putting their houses on the market later this summer. If you are debating whether or not to list your home, let’s get together to discuss the conditions in our market.

 

Contact Margie Mays to get your home listed/sold today.

Residential – Commercial
901.487.1165
margie@margiemays.com
http://margiemays.crye-leike.com/

Getting Ready to Sell Your Home

  • Curb Appeal
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    Enhance Curb Appeal for a Good First Impression

    First impressions matter. Make sure flowerbeds, lawn, and front entrance are clean and manicured. Consider welcoming features such as potted plants, a new doormat, or a seating area near the front entrance. Most of all, make sure the overall impression is neat, clean, and uncluttered.

  • De-Clutter

Less is More! Start packing non essential items. Survey rooms for unneeded furniture and remove personal items. You want potential buyers to envision making your house their home.

  • Stage

Position furniture to maximize views and features. Tour each room of your home, and look for ways to enhance flow, function, useable space, and décor.

  • Deep Clean

Have your home professionally cleaned. Buyers notice things we often overlook including light fixtures, ceiling fans, baseboards, cabinets, and floors. Pay attention to kitchens and bathrooms. Ask a friend if your home has any noticeable smells, and make sure pet items are put away.

  • Fix It

Now is the time to make small repairs that you have been putting off. Buyers will ask for repairs in the contract, so you might as well make minor fixes to make your house look well cared for.

DC Team – Getting Ready to Sell

 

3 Things… Does a Low Inventory = Sellers’ Market?

Mid-South real estate over the last few months has seen low inventory of available homes for sale with increasing buyer demand.   Sellers have a reason to be optimistic; however, the low inventory does not mean that selling your home will be quick or easy.   Today’s buyers are more informed, savvy and selective.  The “Buyers’ Market” mentality of the past few years persists.  Buyers expect updated features at a competitive price, and rather than settle, many buyers are choosing to wait.  And, if you are selling a higher priced home, you may have to wait even longer for the right buyer.

What does this mean for sellers?

  1. Be prepared for selective buyers. Pinterest, HGTV, and picture perfect homes in the media distort buyer expectations.  Buyers expect homes to be updated and exteriors to be inviting.  Sellers may need to spend money to make improvements… even though buyers may love to watch Fixer Upper, most can’t see past flaws.  Sellers should not be offended by buyer (or agent) critiques.  Use that information to help you stage your home for success.
  2. Be prepared for a longer marketing time. The entire home buying process takes longer these days.  Buyers are reluctant to commit and spend more time researching options.  It takes longer to secure financing and jump through home buying hoops than it once did.  Work with your agent to maintain the appropriate urgency with interested lookers.
  3. Be prepared to move. Once you decide to put your house on the market, be ready to move.  Start packing and be ready for the buyer who wants a quick possession.  Make sure your house is show ready, and partner with your agent to get the deal done.