Friday, July 13, 2012
What does low inventory have to do with selling my home?
A low inventory of homes means there are not a lot of homes on the market for buyers to pick from. This low inventory of homes is a common frustration for buyers who are ready and able to move quickly. They just can't find a home to purchase because there are so few to choose from, and the ones that are on the market tend to be run down or grossly overpriced. The ones that are move-in ready and fairly priced go quickly (just look at my 1650 Hudson Rd property--it went under contract with multiple offers in only 7 days).
In my real estate office with Coldwell Banker Intown, there are roughly 80 agents working every day with buyers looking for properties. Sometimes, we find ourselves working for a long time with a buyer because we just can't find a suitable property due to the low inventory of homes to choose from. But, keep in mind, we are all working with buyers everyday, so they are out there.
So, what does this have to do with selling your home?
Many people don't realize that due to the low inventory, now is a great time to put your home on the market. It will sell if it is fairly priced and in good condition. You remember the old days when people fixed up their homes to sell them? Yeah, people who are buying still expect homes to look like that unless they are severely discounted as a distressed property.
How did I sell my Hudson Road property in 7 days? I worked with the owner to get the property in great showing condition, priced it fairly, and developed an extensive marketing plan. We had 6-8 showings a day that first week!
When I work with clients, I believe it is best to be honest about what needs to happen to get your property sold. With the low inventory on our side, I am convinced I can get your property sold quickly if we can price it for today's market and get it in move-in-ready condition.
Today's market is not rocket science. You simply need a Realtor who will work with you to be realistic about your home price, help you get your house in the best showing condition, and offer superior marketing skills so all of today's buyers will have the opportunity to see it.
When I am selling a home, I offer a marketing plan so the homeowner will know what I am doing to get their home sold. In the old days, a Realtor was simply expected to put the home into the Multiple Listing Service, and the home would be found. The world has changed a lot from those days (just a few years ago!). Today's home buyer is using the internet to find their home. Surveys have shown that 90% of home buyers used the internet in their home search, which is why it is critical that you have a Realtor who can offer you a marketing plan with extensive internet marketing.
I advertise homes I am selling on 550 real estate websites so that no matter where a buyer is looking, they will see the homes I am selling. In addition, my properties are listed as a "Featured Listings" on the top sites when I am selling a home. I will do a video and virtual tour, and will include 25 or more photos of the property. In today's market, sellers need every bit of marketing advantage to get their home sold. I make sure my clients have it. Why is this important? Because today's buyer is doing their first showing of your house online. By the time they come to your house, they are on their second showing!
Today, I look around in my zip code (30033) at the homes for sale. If I wanted to move into this zip code for the great schools, I would be very frustrated by the lack of inventory to choose from. There are very few homes in good condition, and the ones that are in good condition, are so significantly overpriced in today's market that no one is even looking at them.
I am looking for some new sellers who have a realistic understanding of today's market and are motivated to get their home sold. If that describes you, please give me a call at 404-808-3350 so that we can get your home sold together!