Is Fall a Good Time to Sell?

Welcome back to my video blog. A lot of people have asked me whether the fall is a good time to sell. Have they missed the market?

Timing and location are important when selling your home. The good news is because of low interest rates, buyers are still interested and motivated. Plus, there are some great properties out there.

If you want to sell, now until the end of October is a great time. Even if you need to sell into November, there will still be buyers who need to move!

So if you are thinking about buying or selling, please give me a call. Let's get your home on the market!

What to Ask Before Hiring an Agent to Sell Your Property

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One of the most common things we hear as top-producing real estate agents is about how homeowners had neglected to properly interview the agent they had for their home. To help avoid that from happening, here are some factors to consider before you hire a real estate agent to sell your home.

Amount of Time Devoted to Profession

The real estate industry is one that can be very flexible for some yet completely encompassing for others. Your challenge will be to look for an agent that has made the profession their full-time career. The difference will be in the amount of time you can expect them to give you and the expertise level you can expect in return.

Level of Demonstrated Expertise

Experience comes from working with multiple clients in many different situations. As you interview prospective agents, take the time to inquire about past and current clients. Find out about the types of deals the agent specializes in. Are they specifically geared toward buyers or do they have experience with listing transactions? Don’t be afraid to check whether they are good at their job through references.

Length of Time Other Listings Remain on Market

Look into the length of time other listings they have taken have remained on the market. If you see a predominantly long number of days their properties sit on the market then it might indicate a lax marketing strategy – or worse, none at all. Marketing is a key component that you should be looking for and if a prospective agent lacks a viable marketing plan, you may want to think twice about that agent.

List to Sale Ratios

A lot of agents use less than scrupulous tactics to gain sellers’ business. One example is promising their clients higher selling prices only to disappoint their clients when the market dictates their home is worth less. Look for an agent’s list-to-sale ratios on other listings they have had. Are they being sold at or at least very close to the listing price? If not, it could be an indication of bad pricing advice or worse, evidence of those sneaky tactics to reel in business.

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Keep in mind that these are just a few of the things that impact the success rate of a strong real estate agent. What you need also to be looking for is a winning combination of character, values, tech-savvy and market-smart techniques. No two attributes will be enough – rather it is essential that you feel comfortable with your agent, can trust them and are fairly certain that they deliver on their promises.

Buyer Dynamics Are Changing How We Buy Homes

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In the past, there have traditionally been two types of buyers for the most part -- the end user and the investor. Fairly straightforward, end users typically were in the market to occupy the home as their primary residence while investors would most likely seek to rent the home. Today, we have new dynamics when it comes to buyers. There are the end users, builders, flippers and hedge funds buying homes. Here’s a quick look at each.

End Users

These are buyers in the traditional sense of the word and they are seeking a home to move into that will end up being their homestead. Buyers in this category are most influenced by location and condition of the home, fueling demand for certain types of homes and ultimately driving prices in some locales more so than others.

Builders

Builders tend to buy homes with the intent to tear down the existing structure and then rebuild a much more expensive house on the lot. These types of buyers will come by and often buy additional lots on and around the property and they offer homeowners at or more than asking price.

Flippers

Primarily the amateur or small-sized investor, this type of buyer seeks low-priced homes with the idea that with some renovations they can turn around and resell the house for a significant profit. This type of buyer was especially prevalent in the years immediately following the housing market crash in 2007. As time goes on, however, they are accepting a shorter and shorter margin for profit.

Hedge Fund / Wall Street

This is one type of buyer that is relatively new to the scene. Larger scale investors that are buying blocks of properties and then holding on to them do so with the intention to keep them as rental homes or ultimately put them into REITs.

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As a result of these changing dynamics on the buying side of real estate, we are seeing a lot more inventory tied up that might normally have been available for end users. The result is a decreased supply with a constant stream of demand – ending up in prices getting pushed up.

In the midst of all this, it is critical to have an agent that understands how to properly structure an offer. The last thing you want to happen is for you to lose the home because of less than perfect representation. You need someone that truly understands the dynamics of our buyers’ market and how to leverage your position. There are other terms that can be added to your purchase agreement to make it more favorable for you.

If you are in the market for a new home, contact us today for a custom consultation on your needs and we will get to work finding and getting you the perfect home.