It’s always a good idea to conduct your own research into the property market when you decide to sell. This will help you get a feel for how the market is performing so that when you meet with your agent, you’ll have some background and be able to ask more detailed questions.
Here are some of the most important things to look at:
Number of properties
How many properties are in your neighborhood, and how many are currently for sale? Does that seem like a lot, or are there just a few? How does it compare to neighborhoods close by? This will help you understand if you’re in a buyer’s or a seller’s market.
What’s the demographic mix?
You might think you know who lives in your neighborhood, after all, you live there! But sometimes the data tells a different story. Is your neighborhood made up of couples or families? How many people live in each home? What is a typical job and salary? All this information will help you build a picture of the perfect buyers for your home.
What’s the median sales price?
The median sales price is the ‘middle’ price of all the properties that have sold in the neighborhood over a period. It’s regarded as more reliable than an average price because it won’t be skewed by individual sales at the very high or low ends. However, like all data points, it should be treated as a guideline. You’ll need to understand the type of property that constitutes a ‘median’ sale and see how your property compares. As your agent, I can guide you here.
How much time is it taking to sell?
The time on market, or days on market, figure tells you how long it typically takes for properties to sell. In a strong seller’s market, this will typically be under 30 days. The longer the time, the more mindful you will need to be about getting the pricing of your property right.
You can find a lot of this information on property portal websites such as Zillow or realtor.com among others. If it does seem a bit too complicated, give me a call as I’d be happy to provide answers to these and any other questions.