Is It Time to Sell Your Home? Real Estate Advice from a Real Estate Professional

Since the real estate market crash five years ago, there has seldom been an ideal time to sell your home, however badly you desired. As icon Bob Dylan so eloquently stated over 40 years ago, “The times, they are a-changin’.”

Declining Sales Inventory Spurring Price Increases

Finally, the overwhelming “inventory” of homes for sale, many of which are distressed or foreclosed properties, is declining. You needn’t be an Economics major to understand the basic rules of supply and demand. As the supply of “something” decreases, while the demand remains constant or increases, the price of the “something” goes up. In all non-communist societies (where prices are not set by the government), basic supply and demand theory still reigns supreme.

The real estate market also has another component that frequently occurs after a “cold” period. This condition is typically called “pent-up demand.” It means that many prospective home buyers, since the market downturn, have not bought homes, but still want to buy. Their desire to become homeowners has been lurking in their minds and on their wish lists since the downturn.

When these buyers perceive an active change in the market, they often re-enter their home buying mode and seriously search for a home to purchase. This demand factor is huge after over five years of little home buying activity. While home sales increased in 2011, the first quarter of 2012 recorded even substantially higher increases. Even in Florida, where homeowners have suffered terribly from the competition of short sales, foreclosed homes and high inventory (too much supply), home sales are increasing because of declining inventory and pent-up demand.

The Real Estate Market Is Still “Local”

Whether you want to live in Washington, D.C., Virginia, Maryland, Miami or Malibu, however, always remember that real estate activity, pricing and inventory are local issues. When you’re considering selling or buying, contact experienced, trustworthy local real estate agents who have familiarity with the neighborhoods you favor.

The number, prices, styles and desirability of homes can change drastically from neighborhood to neighborhood, even when these neighborhood “touch” each other. The three prime rules of real estate, location, location and location, always apply. Need proof? Consider the selling prices of homes in Georgetown versus otherwise similar properties in many other neighborhoods in the compact District of Columbia. Selling prices can vary dramatically, even if the homes are withing walking distance of each other.

Yes, this is finally a good time to sell. However, as always work with a real estate professional highly familiar with your specific neighborhood. You will get the most valuable advice and enjoy the most efficient, stress-free selling experience. It’s time–take advantage of this opportunity to sell your home for best price since 2007.

6 years ago by in Home News | You can follow any responses to this entry through the RSS feed. You can leave a response, or trackback from your own site.
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