Many parts of Pittsburgh are in a Sellers’ Market…that is where the number of homes for sale is much less than the number of buyers looking to purchase a home. This creates the opportunity for a quick sale, and sellers may even get multiple offers!
But a hot real estate market can be deceptive. Although it might seem like all you have to do is stick a ‘For Sale’ sign in the yard, smart sellers (and agents) know that making the effort to prepare their home first still gets them more money and a faster sale.
If homes are selling quickly, you may wonder why you need to spend the effort (and money) to prepare your home…
The reason is that even in a ‘hot market’ there are many homes left on the sidelines. In three of Pittsburgh’s hottest markets, an average of 55% of homes, are still for sale 60 days after they are listed (Cranberry-51% / Lawrenceville-58% / McMurray 61%). And the value of a home that lingers 60 days in a hot market drops even lower than in a slow market. Buyers think… “Homes are really selling fast right now but this house has been for sale for months. I wonder what is wrong with it?” Or they think “That house has been for sale for a long time, I wonder how low an offer they will take?”
Here are the three things you STILL need to do, even in a hot market:
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Stage Your Home
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Use Great Photos
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Price Your Home Correctly
Stage Your Home – Staging is even more important in a hot market because there is a larger decrease in the value of a home when it lingers for months. Staging brings out the best in your property while simultaneously minimizing its shortcomings and invites better offers. Working with an experienced local stager also means you’re positioning your property to appeal to the kind of buyers who’re looking at homes like yours. And the ROI (Return on Equity) for staging a home generally ranges anywhere from 75% to 500%.
Use Great Photos -Your home’s first impression isn’t made during the first showing. In fact, over 93% of buyers first view the home they ultimately buy on the internet. That means, professional photos are a must in today’s market, because the photos of your home are key to that good first impression. A home that is staged looks better online because the features of the home are highlighted.
Price Your Home Correctly– Statistics show that homes that are priced correctly when they enter the market receive more interest and more showings in the critical first weeks that a home is listed. A home has the highest value when it is new to the market because that is when there is a large group of people that are interested in any new house on the market…all the people that have been looking for months and are READY TO BUY will be looking and considering buying your home. Don’t waste this golden opportunity!
The fact is, preparing your home for sale in a seller’s market is not much different from in other real estate climates. A home that is prepared properly, priced properly, and presented properly will ALWAYS sell quicker and for more money than homes that are not ‘market ready’…it just happen a whole lot faster in a hot market!
Remember: “Homes for sale are like donuts…fresher is better!’
And…you still have only one chance to make a good first impression. In a super-hot market, you don’t want buyers to wonder what is wrong with your home because it has been sitting on the market for months.
Questions? Call me at 412-427-2675 and I will tell you how to sell for more money by Staging BEFORE your home is listed!