Real estate is pretty cyclical, that is, it's pretty cyclical in a normal market. Our home sales have been anything, but normal in recent months. Homes for sale are scarce and buyers are struggling to get their offer accepted.
Home sellers that are thinking of selling their property are definitely reconsidering waiting until spring when the usual home selling season begins. Many are working hard to get their homes ready to be placed on the market early. Home stagers are working overtime providing estimates on how best to present their home, professional photographers are in demand and the real estate agents are going from appointment to appointment. I have personally met with 5 Pasadena home sellers this week who are excited to list their homes as quickly as possible.
And... who can blame them? Interest rates are moving up and are predicted to end the year at 5.3% that's a .8% jump from current rates. A 1% change in interest rates is a 10% decrease in housing affordability. Buyers are desperate to find homes to purchase before the interest rates get any higher and even though Pasadena home prices are increasing steadily, existing home sellers find that their homes are being sold at top dollar.
Are you thinking of selling your home? What should you do?
Internet is the new Curb Appeal! I read this on Fools.com today in an article aptly titled "Want to Sell Your Home? The spring selling season may be coming early this year!" and couldn't agree more. Now, more than ever, you need to understand that you are merchandising your home online. It's no longer your home, it's a product that needs to be marketed where buyers are - on the net. Pictures, pictures and more pictures! And... you can't get those pictures without beautifully presented rooms. Here's a photo of one of my home listings in Monrovia. This is what home buyers are expecting to see. Crisp, clean rooms that are move in ready, tastefully decorated.
Buyers determine which homes they do NOT want to see online. Make yours stand out so that it's not automatically ruled out.
Get a Home Pre Inspection! Your real estate agent should be able to recommend a couple of great inspectors. You know that the buyer will get an inspection in escrow. It's inevitable. Get ahead of the game and order one yourself. It will be the best couple of hundred dollars spent. You'll be able to take care of a lot of issues ahead of time and have a much less worry some transaction.
Hire a Real Estate Agent that not only specializes in selling homes in Pasadena, but understands how to market your home on-line! Most realtors just put your listing in the Multiple Listing Service and hope that the regular syndication of property listings will get your home noticed. However, it's not that easy. There are so many real estate website portals with thousands of listings. How will your real estate agent make yours stand out? Think of it as googling a product. How many links will you click on before settling on what you will buy. The first few links on the first page? What is your click tolerance? It is exactly the same in marketing homes on-line. You want to be on the first or second page of any real estate portal, not on the 10th.
Understand how to Strategically Price Your Home! Pricing is half the battle. You price your home too low and you won't get the highest price. Price it too high and no one will see it. Best real estate agents will be able to guide you based on their experience and understanding of the current market conditions.
I hope that some of these steps will help you get started. If you have any questions, give me a call at 626-629-8439.
If you'd like to get information on your home worth, visit our Home Value Request website and we'll get a market analysis over to you.
Irina Netchaev is a real estate broker/owner of Pasadena Views Real Estate Team and has been helping home buyers and sellers in the Greater Pasadena area since 1984. Check out what her existing clients think on Yelp.