Frequently Asked Questions about the Home Selling Process
Should I sell now or wait for the property values to come back?
No one knows when housing prices will bounce back, or if they ever will. Many market experts think what we’ve seen is a long over-due correction. In addition, housing trends are neighborhood specific. Some local markets have stabilized while other areas are still declining due to a large volume of bank-owned properties and short sales. Selling in this market may save you from further loss in property value and enable you to take advantage of excellent interest rates and discounted values in your new purchase.
How long does it take to sell in this market?
The average “days on market” in Central Ohio is around 97 days. This fluctuates seasonally with winter listings taking a little more time and summer listings a little less. These are all averages and depend mostly on your specific neighborhood and how aggressively you price your home. The first step is meeting with a professional listing agent who understands your local market and can help price your home to sell.
Should I build in negotiating room in my list price?
Although this is contrary to conventional wisdom, you should price your home right at the estimated market value. As a seller, you don’t have to come down a penny on the list price and your home will typically sell for the prevailing market value. Pricing your home “on the dime” will attract the greatest number of qualified buyers in the shortest amount of time. On the other hand, when you over price the property, you typically end up wasting valuable days on the market and end up reducing the price eventually to where the buyers are looking. Over-pricing your home in this market is typically called “the kiss of death.”
What if I don’t have enough equity to sell?
Many sellers today bring money to closing to consummate the sale and satisfy the loan pay-off. You may also want to consider a short sale. This involved getting your lender’s approval to sell your home for less than your mortgage pay-off. See the short sale section of this web site for more details.
Do you have additional questions?
If you have additional questions about selling your property for the best price in today’s real estate market, use our contact form or call David Baker for professional results.
David Baker, MBA
Broker/Owner
Baker Realty Group
(614)989-5662