You are looking at potentially selling a property but want to make sure you have a correct read on the market. One of the most common questions from those looking to sell their property is, How do you gauge the market from a seller’s perspective? Keeping in mind a couple of key pointers and bits of knowledge can help you to correctly gauge the market from a seller’s perspective making sure that you get the best price for your property and offering the best ROI.
Before Listing Your Property For Sale…
First and foremost this should go without saying, before listing your property you should always evaluate the market. This will give you an idea of the possible length of the sale and also help you to pinpoint competitive list prices so that you are able to gain a better return on investment. The National Association of Realtors publishes a trends report every month that by selecting the city of choice you are able to view 1. The median age of homes on the market 2. The number of homes for sale & the average price in that specific area. Also taking a look at the comparable homes in your area, and what they sold for can really help you to gain a better understanding of the current market & the kind of competition you are up against.
It is also important to keep in mind that the real estate market undergoes many fluctuations throughout the year so monitoring the market consistently is your best bet. It also thrives on both micro and macro-economic factors and though it might seem like a tedious and time-consuming job it can be well worth it when you finally close the sale of your property.
Another important aspect to keep in mind is that roads, bridges, schools, and any new infrastructure development in the area, hospitals, supermarkets, public facilities, etc. all will aid in igniting market growth. Sometimes being patient is the best way to go when it comes to both buying and selling real estate.