“Bring Your ‘A’ Game” is a common expression in athletics which means to arrive with your top attitude and ability because with today’s competition we are going to need it.
In life, every day is game day. You simply cannot achieve your goals with a “B” effort.
In Real Estate, every day is game day – especially when you are the Seller. Even though certain prices are more desirable and seemingly fly off the shelf, my colleagues and I have seen a slow-down of the South Florida market.
Lawrence Yun, NAR’s chief economist, states:
“The reason sales are falling off last year’s pace is that multiple years of inadequate supply in markets with strong job growth have finally driven up home prices to a point where an increasing number of prospective buyers are unable to afford it.”
In this type of market, a seller may hold a major negotiating advantage when it comes to price and other aspects of the real estate transaction, including the inspection, appraisal and financing contingencies.
For a while now baby boomers have been blamed for a portion of the housing market’s current lack of housing inventory.
Aaron Terrazas, Senior Economist at Zillow, says that “Boomers are healthier and working longer than previous generations, which means they aren’t yet ready to sell their homes.”
According to a study by Realtor.com, 85% of baby boomers indicated they were not planning to sell their homes. Lack of inventory drives up home prices. Add rising interest rates and there may be cause for a market slow down.
Recent reports tell us that the older population grew from 3 million in 1900 to 47.8 million in 2017.
We are about to embark on the 2020 census!
In addition, the Census recently revised the numbers from their National Population Projections:
“The aging of baby boomers means that within just a couple decades, older people are projected to outnumber children for the first time in U.S. history . . . By 2035, there will be 78.0 million people 65 years and older compared to 76.7 million under the age of 18.”
All this means, if you are selling your home, hire a professional who will make recommendations on staging and right pricing as well as maximum digital and print exposure.
Homes that are staged create the vision for the potential buyers and sell more quickly for the highest price. When the home is staged and showcases that the owners maintained the home or fixed up the home to sell, buyers may make multiple offers – resulting in possible bids over and above asking price.
With rising interest rates and few homes on the market as of now, this is the time to obtain a market value report on your home from a professional. Free aggregators may not take into consideration all that you have done to your home which can help you get top dollar.
You may want to take advantage of the lack of inventory and rising home prices. Hiring a professional will help you bring your “A” game to your home sale.