Fall is here. See you in the spring?
September 24th, 2007 - Categories: Selling a home in the Dothan area
By: Charles Woodall
http://www.dothanhomesearch.com
Several weeks ago, I was asked in my capacity as President of the Dothan Assocation of REALTORS to comment for a newspaper article on the state of the Dothan real estate market. In particular, I was asked what advice we are giving potential home sellers during this slowdown in sales. I will try?to expand on those thoughts a little in this space.
First, if you don’t have to sell right now, you should wait six months to see what happens. And by having to sell, I mean either you are relocating out of the area for work reasons, or facing foreclosure. If you can think of any other reason someone would have to sell, let me know. Not only is the market glutted with homes for sale, we are entering into?what is?historically the slowest time of the year for sales, two compelling reasons to wait and re-examine the real estate market climate in the spring of 2008.
Second, if you do have to sell right now, make sure your chosen real estate professional has done a competitive market analysis that includes homes sold in the past three months. Going back six months is acceptable only if there aren’t enough comps within the past 90 days, but going back beyond six months will not give you a true picture of the market. Also, an appraisal is probably not going to give you a true picture of the market value of your home, as it doesn’t take into account market conditions.
Once a target price range is determined, your agent must also look at comparable homes on the market, or homes for sale that you will be competing against. You and your agent will have to determine how the best way to showcase your home to take advantage of your competition. With current market conditions, the easiest way to set yourself apart is by pricing slightly below market value. Yes, that cuts into your equity, but so does having your home sitting on the market for five or six months while you are trying to relocate to another area. In addition to price, you can set your home apart from the competition through curb appeal, amenities, and staging. Your real estate professional should be able to help you determine your best options.
The bottom line for home sellers in Dothan right now is that for the short term, selling your home is going to be tough. You will have to be motivated and open to options to get it done. If you don’t have to sell right now, let’s wait and see what springtime brings us.