The real estate market has showed improvement! In fact 2013 was the best year that we had in the local Smith Mountain Lake market since 2006. While I do believe that the market recovery is here to stay in SML, we are seeing the market still favoring the buyer pool. We currently have about a years worth of inventory- in a normal market it is normally around 6 months worth.
Sellers always want to allow a lot of room for negotiation therefore it is critical to know how to price appropriately in a market where you have a lot of competition. With the many choices that buyers have in today’s market if they feel that the property is over priced then they won’t even take a look at it. Thus the property won’t be shown and will just sit on the market, becoming a ‘stale’ listing if you will.
If the property is considered to be over priced for market conditions then this must be addressed in the first 30 to 60 days of being on the market, if it is not dealt with then you will end up just chasing the market down. Overpriced properties take longer to sell and usually end up selling for less then they should have if they were priced right initially.
If you are considering selling in this market then it is critical to look at what is currently on the market (aka competition). While I say that it is a buyers market- keep in mind that each price range, neighborhood and property are different. So although there may be an influx of listings on the market if you have a unique property then the current buyers market may not even be a factor for your listing (and sales) price.
Remember that spring and summer are the busy home buying seasons here at Smith Mountain Lake, if you have been on the fence about selling now is still a good time! Let me go over the numbers with you and determine what is best for your situation in order to get the most money out of your property. I know the local market inside and out, contact me to get my tips for pricing your property appropriately in a buyers market.