For about a decade, home values have been increasing in Brunswick, Strongsville, and most of Cleveland. When the economy began to recover (and then expand), the number of qualified buyers began to outpace the number of available homes. Homeowners know they have the upper hand in today’s “seller’s market,” and many are eager to cash in on their added equity. We don’t expect the rally to last much longer, and lately, affordability has become a real problem for buyers.
But while we are still in a “seller’s market,” it’s tempting to think that the environment for sellers is all around positive, no matter what. In general, it is—but the truth is that each and every home sale has its own considerations. For example, a seller may receive a great offer, but depending on how the real estate near it has recently performed, the appraisal may stop the sale from moving forward.
Although demand is high, a particular home may or may not receive a cut of the demand depending on a myriad of factors. Prior to going on the market, a home should be carefully analyzed by an experienced real estate agent who then develops a game plan specific to the home. Over the years, I developed a system to analyze a home pre-listing order to get the most money possible. I’ll summarize the most important strategies to maximize price, especially in today’s market.
There are three critical phases when listing a home: pre-listing preparations, marketing, and negotiating. These phases are always important, no matter how favorable conditions for sellers happen to be, and no matter how housing market conditions are expected to change.
Pre-Listing preparations
Selling a home at the top of the market in Brunswick requires a little work on the front-end. For example, before listing a home, I document areas of the home that would be worthwhile to improve—even something as simple as a coat of paint on the cabinets. Then, I leverage a team of contractors to complete those improvements as quickly as possible. I then work with the seller to stage the home so that it is camera-ready, and the target buyer can “visualize” themselves living there.
Marketing
Once a home is ready to list, the next critical phase is marketing. A “seller’s market” alone isn’t enough to entice multiple buyers to make an offer—they need to see professional photographs of bright, tastefully decorated rooms. Buyers also need to be drawn to the listing; an MLS profile isn’t enough. To maximize exposure, I market listings across nearly a dozen platforms, including websites, social media, print, and email. When choosing an agent to list your home, ensure their marketing plan is sound and exhaustive.
Negotiating
The third phase of a successful sale is a successful negotiation. This begins with pricing. Overconfidence in pricing can be a death sentence; instead, a home should be priced slightly less than its highest market value (after factoring in that it has been strategically prepped and vigorously marketed). An attractive home with a fair price, when marketing effectively, will get a lot more excitement from buyers than a home that is just placed on the MLS. If enough buyers compete for it, they will demand fewer concessions and may even bid beyond the asking price. To effectively execute this strategy, it’s critical to have a thorough understanding of the housing market. The agent you choose should be able to demonstrate a deep understanding of local conditions and trends.
The best defense against overconfidence in today’s market is to ensure that your agent has a proven strategy to minimize stress and get you the best price.
If you’d like to discuss listing your own home or have questions about the real estate market, call our team today at 440-879-7260.
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