Real Estate: Balance is returning to the market
Have you ever felt like real estate is a bit of a roller coaster? One minute you are building up the courage to step foot into the marketplace, you decide to make the leap, get excited about the process, reach the top of the climb, because finally, you entered into contract. Then, whoosh! Something happens, you fall out of escrow, and back down you go.
If you have ever bought or sold a house, you have probably experienced this feeling once or twice throughout the process. However, if you have never had this feeling, tell us your secret.
One thing to remember is real estate agents feel this roller coaster too. It’s just our job to inform you about the turns and drops that may happen before you enter the ride.
We have seen quite a few ups and downs in the last few months. The positive? We are all still hanging on and are ready for that next turn.
If you are a seller in today’s market, good news, it is still a sellers’ market. Buyer demand is still there. However, agents are educating their clients more about best practices, and we are seeing sellers give concessions more so than they have had to do in the past couple of years. The balance is back.
If you are looking to sell your home in the next few months, here are a few tips I can recommend.
- Call an agent and discuss what is happening in your local market. Look at the active listings, pending and sold data from the most recent weeks. One thing that we have been seeing is, sellers are comparing their home to houses that may have sold within the last few months, but one thing to remember is, how long was that house on the market before it went into contract? How long was the escrow process? In some cases, this could be 60-90-120 days back from the time it actually sold. Would you agree that the market has changed in the last 60-120 days? I know I would.
- Location, condition and price are all huge factors when it comes to determining a list price. Lake Tahoe has quite a few homes with unique characteristics. We don’t live in the suburbs, where a lot of the homes look the same and they are easy to compare. These unique features could affect the price in a positive or negative way, so work with your agent to help determine the most realistic price for your home.
- Think about the details. What is your agent doing to market your home? Are you getting professional photography of your house? Do you have a virtual tour? According to Planet Home Study, “Real estate listings featuring virtual tours are clicked on 40% more often than only using still photos.” Many of our buyers are coming from out of the area, and according to a 2021 study performed by the National Association of REALTORS, 51% of buyers found their house online. So bottom line, do both. We want those extra views.
- Statistics show, sellers get the most traction on their home the first two weeks of being on the market. If your home is listed, and you are beyond this point and not getting the traction you want, I’d sincerely look at adjusting your asking price.
Ultimately, we want to see our clients achieve their real estate goals, and hopefully my words will resonate with you. Just remember, hire someone you feel is knowledgeable, understands the importance of quality real estate marketing, is realistic, and experienced.
Kaylin Culver is a Realtor for Re/Max Gold based in South Lake Tahoe. She is part of the Lake Tahoe Real Estate Team, led by Broker-Owner, Jesse Schue.
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