ARTICLE BY: Maggie Clemens
The Sky is Falling . . . The Sky is Falling . . .
Just like the fairy tale, there are many local agents crying that the sky is falling on the real estate market in San Diego.
That is just not true at this point in time.
Unfortunately, there are always going to be those who read the headlines and cry, “the sky is falling.” But it has never been more important to read past the headline and understand the story.
Real estate is not static. It is constantly changing, shifting. But like a huge cruise ship in the middle of the ocean, it takes a while to change course. It doesn’t just change directions instantly.
So, the best thing to do in the real estate market is to watch key indicators and be alert for changing trends. The fact remains that the trends do not indicate a dramatic shift at this point in time. Home prices are still increasing, new housing is up, supply is up but still low for the county, mortgage rates are still very low and consumers are still optimistic about the overall economy.
Real estate agents all over the country have been crying about a lack of inventory to sell, and now we are finally starting to see a small uptick and now they are panicking.
If you are wondering if it is still a good time to sell a home, YES. The market may be shifting but it is still moving. This is actually a great time to sell.
With increased competition, the 3 P’s of real estate have never been more important.
First, by presentation, I mean that your home must be shown in its very best condition. With more homes on the market for a little longer it gives buyers that extra time to compare, the better your home presentation is the more likely it will make the cut and sell quickly.
Second, DO NOT OVERPRICE YOUR HOME. Consumers are more educated that ever. Buyers are checking out homes on the internet all day, every day. Once they have settled on an area they quickly become an area expert. They can spot an overpriced home in a minute. If your home presents well don’t be afraid to price it high, but don’t overprice. There is a line when it comes to proper pricing and you want to be on the side that will bring potential buyers to your home.
Third, promotion is why you hire a real estate agent with a proven marketing strategy. Be picky and interview a couple before you decide who to hire. Remember, YOU, the home seller is in control of the sale. But do realize that in a shifting market #1. Presentation and #2. Price are the two most important. If you don’t get those two right you are just pouring money down the drain.
How much is my home worth?