Not only are market conditions getting better for sellers, they are getting better-faster. The chart [to the right] shows the increase in home sales, which are up 17.6% in Palatine, under contract homes are up 41.2%. Market time has also decreased significantly with the average days on market for a single family home down from 172 days in December 2011 to 149 days in December of 2012.
The significance of the statistics support the idea of pent-up demand. A basic understanding of supply and demand will tell you, the time to sell is now. This high level of demand and low supply levels are setting the stage for a strong, spring market.
According to a recent Zillow study of 105 Real Estate Professionals, home prices will rise 3.1% in 2013. This could be due to stronger demand, but also to the decrease in distressed properties.
To be an aggressive seller in this market requires strategy, planning and preparation. As we all know, a professional appearance goes a long way with the consumer. When your home (product) is professionally presented, clean and is ready for the marketplace, it will have a stronger chance of selling to the right buyer. Professional photos, brochures, and online presence are all driving factors in finding your buyer and getting a strong offer.
All these actions give the seller some leverage for negotiations.
Prepare your home with a significant decluttering. Begin packing. Everything you don't use at least every other day can be packed, less is more. Maybe your home needs a bit more than a good cleaning. Does your home need paint? Or maybe it has an odor?
The best questions to ask yourself is, why did you buy the home? What did you like about it? What would you change now? Answers to these questions will aid in the preparation and the strategy that will enhance the properties best features.
Today’s real estate market offers a high demand, and low supply preparation is key. Be sure to speak with a reputable Realtor® before listing your home.
Holly Connors is a senior broker and founding member of @properties. For more information, Holly can be reached at 773.862.0200 or firstname.lastname@example.org. You can also visit her website at hollydanielsonconnors.com.