Seller’s are finally starting to understand the nature of the current real estate market here in Salem. Oregon has not been as hard hit as other parts of the country, but make sure your expectations are appropriate.
What do you need to know?
Real estate is about supply and demand. It’s that simple. The more supply and less demand the cheaper things become. Depending on what you are looking for and areas, inventories are ranging from 6 months to 17 months. You can’t price a home if you don’t understand the supply and demand for your neighborhood and type of residence.
What is your market value?
Market value is not what YOU want to sell your home for. Market value is what buyers are indicating what they are willing to pay for it. That is what those CMA’s (Competitive Market Analysis) are for. You may have chosen to get an appraisal. Don’t count on getting the value that the appraiser said your house was worth. Buyer’s are looking for a good deal and are working with people willing to make them.
The best homes sell first
Most buyers are looking for a home that does not need a lot done to it. That means remodeled kitchens, bathrooms, new furnace and water heaters, good roofs and siding, good flooring and fresh paint. Homes that meet these criteria are still selling well. A local house sold FSBO, while 3 other homes in that same neighborhood which were listed with agents, are still on the market. Why? It was updated and ready to go. Make sure you have one of the BEST homes.
Motivated sellers are selling.
Homes with closing costs and great pricing are still selling. You might feel like you are “giving it” away, but if you really need to sell, you need to price it where the market says you will sell it. You need to be motivated in order to sell in this market.