How To Win As A Seller In This Sellers Market

How To Win As A Seller In This Sellers Market

By Emilio DiSpirito Realtor/Team Leader/National Speaker & Radio Show Host

Before listing your home for sale and slapping a sign on your lawn.. It's important to understand the dynamics of this sellers market in 2016 in order to set yourself up for success..

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So lets cut all the BS out and lets get straight to the point. Whether you use my team and I or any real estate agent, this advice is practical.

1. Emotionally detach yourself from your property
1. Take down personal items and pictures of the property, this will allow for buyers to see themselves in your property and not to feel as if its someone else home. This will allow you to have an easier time to disconnect from the property. 
2. Understand your property has a fair market value and that buyers do not put a value on memories nor often times on your style of finishes. 
2. Understand the market!! What is causing this sellers market in Rhode Island?
1. Lack of supply! 
1. Only 3400 active homes on the market.. About 50% less than we should have
2. Increased Demand - You can't even pump gas without the media telling you to buy real estate!! You know those TV's at the pump!? So What else is causing this demand?
1. Overall stronger economy
2. Millennials are coming to the market with increased confidence and causing the secondary market to move which causes a chain effect on mid and higher end real estate to move. 
3. Rent is nearly 30% higher than it was in 2009 and it's still more affordable to own than rent. You basic 3 bed apartment is around $1200 per month in Rhode Island compared to 2009 when it was $840
4. Terms - Lending guidelines have eased up allowing consumers with lower credit scores to purchase properties under a wider array of lending platforms.
3. Price your property appropriately
1. How do you figure this out?
1. Should you be selling? Do you have enough equity if you were to sell at market price?
2. How long do you have before you sell?
3. How high is the market anticipated to grow by the time you sell?
2. Understand that when a home sits for over 80 days on this market that buyers are beginning to question what is wrong with the property.
3. Don't price yourself out of the market. Listen to your real estate professional and don't list your property for sale at $250,000 when a home who is a direct comp is on the market at $225,000 and a direct comp of your home has recently sold at $215,000. 
4. Understand that buyers are educated!! Buyers now have access to more information than ever and know an overpriced property when they see one. 
5. When you go 2 weeks on market with zero showings you are most likley way over... You will want to look at market numbers to see where your home comps out and address the pricing.
6. Price your property to allow for a ton of traffic!! When you have a lot of traffic you create a hype around your property and the bids come in higher!! For example when you price a property with a fair market value of $250,000 at $250,000 you have a higher chance of selling it at or above list price than if you priced it at $260,000... That $10,000 increase will not allow for the property to draw the same traffic. 
4. What is happening in your location?
1. Is your neighborhood over saturated with competition or is their a scarcity of homes?
2. Is your area desirable for your price range?
3. All questions that will determine your price point! 

My prognosis is to ensure you are hiring a qualified professional. Put your trust in that professional and take their advice serious. Understand that the market dictates the price points and not your agent!

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