Before you put your home on the market, it’s important to have a good understanding of the current real estate market and local trends. This will help you make informed decisions about when to list your home, how to price it, and what to expect during the selling process. In this step, we’ll provide you with a primer on the current real estate market and what it means for home sellers.
the current real estate market
The current real estate market in 2023 in Greater Cleveland, Akron and Canton has been a seller’s market. This means that there are more buyers than homes available, which can drive up prices and lead to multiple offers on a single property if priced appropriately. This is great news for home sellers, as it means there is a high demand for homes which should drive the price for your home up.
How does location & pricing affect the perceived value of your home?
Across the board, real estate value is highly dependent on location. In general, homes located in highly desirable areas, such as near good schools or popular shopping and dining destinations, tend to command higher prices than homes in less desirable areas.
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Additionally, the price point of a home can impact its market value. Homes that are priced above or below the average for their neighborhood could be difficult to sell quickly, depending on supply and demand.
The closer your selling price is to the median value of your local market, the more likely you are to have a lot of activity at the start. The further your selling price is from the median, may impact how long it takes to sell your home or, in the worst case, may leave you selling your home for less than it’s worth.
LOCAL REAL ESTATE TRENDS
It’s important to take a close look at local real estate trends to understand what’s happening in your area. Some areas may be experiencing a stronger seller’s market than others, or certain types of homes may be more in demand than others. By understanding what buyers are looking for in your home’s area, you can tailor your selling strategy to meet those needs.
Understanding the current real estate market and local trends are imperative for home sellers. It can help you determine the best time to list your home, price it correctly, and market it effectively. If you’re in a seller’s market, you may have more negotiating power and receive multiple offers. In a competitive market, it’s important to make sure your home stands out from the rest by presenting it in the best possible light.
After you have a clear understanding of your local market, you can begin to establish goals for your home sale.