It’s the time of year that people are thinking about football, pumpkin spice and… selling a home?
I know that many people think the Spring and Summer are the best times to sell a home. But there are some good reasons to consider selling your Anderson SC home this fall!
In a recent CBS News article, they discussed how the volume of existing home sales is getting smaller. Lawrence Yun, Chief Economist at NAR. explained:
There should be 3 million homes on the market right now…Yet, there are only 1.9 million.
While Yun is talking about the entire country, we are seeing an extreme shortage of homes for sale in the Anderson area in some price ranges and areas.
The first sign that selling a home this fall could be a good idea came in the August 2017 Realtors® Confidence Index:
Amid sustained job creation and sustained historically low mortgage rates, REALTORS® reported…that buyer demand is stronger compared to conditions one year ago… and that fifty percent of properties were on the market for less than one month when sold.
This is another national statistic. Looking at Anderson County, homes sold for an average of 52 days in September 2017 and 59 days in August 2017.
The biggest problem in the Anderson SC real estate market is a lack of homes for sale. A balanced market has a 6 month supply of homes for sale. If we look at the data for September 2017, we see there is a 4.8 month supply of homes for sale in Anderson County.
This is for all homes, in all price ranges and areas. When you narrow a buyer’s search criteria to a certain area and price range, you see just how tight inventory can be in the Anderson area.
Right now, buyer demand is stronger than the inventory of homes for sale in the Anderson SC area. Having less than a 6 month supply of homes for sale means it is a seller’s market!
Maybe you are thinking this sounds good but are wondering how to get the best price for your home…
All home owners want to get the best price when they sell their property. So how do you ensure that you get the best price for your home? Here are 2 tips:
Price Your Anderson SC Home Correctly
Many sellers think that listing their home at a higher price gives them room to negotiate. The ugly but honest truth is works against you! It actually means fewer home buyers will want to see your home!
Check out the chart to see what I mean:
Rather than trying to beat a buyer when you negotiate, you need to list your home at a price that will maximize the number of interested buyers. If you do this, you will not be negotiating with just one buyer. Instead you should see multiple buyers interested in your home.
Realtor.com has this to say about pricing a home for sale:
Aim to price your property at or just slightly below the going rate. Today’s buyers are highly informed, so if they sense they’re getting a deal, they’re likely to bid up a property that’s slightly underpriced, especially in areas with low inventory.
Use a Realtor to Sell Your Anderson SC Home
I know this may seem counterproductive. You may think you can get more money if you don’t pay a real estate commission. The fact is that studies have shown that houses normally sell for a higher price if they are sold by a Realtor!
New research from Collateral Analytics shows that FSBOs don’t really save any money! In certain cases, selling without a Realtor may cost more than listing with an real estate agent.
In the research, they looked at property sales in many different markets in 2016 and the first half of 2017. They found that:
FSBOs tend to sell for lower prices than comparable home sales, and in many cases below the average differential represented by the prevailing commission rate.
In other words, the FSBOs are NOT saving any money! More importantly, they are limiting the number of buyers that see their home for sale!
The Take Away
Pricing your home correctly and working with an experienced local Realtor is the key to selling your home for the best price and with the least amount of headaches. Listing your home with an experienced local Realtor will mean your property is exposed to the largest number of qualified buyer also!
If you have any questions about selling a home in the Anderson SC area, please email me!