Navigating the Changing Market

By Leona Chan, CPA, MBA, Real Estate Consultant 

If you haven’t heard or read enough, yes the market has slowed down a bit.  When you drive around, you will notice more for sale signs than the same time last year.  Even with your neighbors’ houses that are for sale, chances are some of them may still be available on the market waiting for an offer.  What’s going on here?  What should I do if I need to sell my house?  Will I actually lose money?

Looking at the numbers, it is easy to explain.  We are experiencing four times as much inventory as we had compared to the same period last year.  However, the number of buyers remains about the same.  As a result, buyers can afford to take the time selecting the best property available and negotiating the right price.  What’s good about this process is that it enables the market to become normalized, which is healthy over the long haul.

During recent sales booms, many sellers have taken it for granted that their properties would be fairly easy to sell without much compromise.  Now that buyers have more choices, it’s very important for sellers to seek expert advice from real estate professionals that are familiar with the market.  Real estate pros can recommend the right mix of improvements to maximize return.  They can bridge the difference between buyers and sellers during the negotiation process that often arises.  

Despite the buyers market, many sellers still come out ahead when cashing out their properties.  It’s like investing in stock.  You paid at 10 three years ago.  It peaked at 50 and now you are selling it at 45.   The payoff is not bad at all.

Sellers who are ready to sell must make sure they hire a knowledgeable and professional agent who can protect their interest and help them navigate in this changing market.  While pricing is a key element, product positioning and aggressive marketing campaign are also crucial to make the property stand out from competition.

Keep in mind that hiring the right real estate professional can often save you money and headache.  Statistics show that houses sold through real estate agents are sold at a much higher price than those sold without agents.  In addition, agents who sell houses for a living have acquired the knowledge and skill through experience.  They are in the best position to orchestrate the sell of your home.

If you are planning to move, call us for a free strategy session and we will show you how to navigate this market successfully.  Call 703-679-1718.