Sellers who prepare their homes properly for sale can still get a great price. On the other hand, buyers can find good deals if they're patient and diligent.Below are some key questions to be answered as you prepare to purchase property or make a sale. Your agent should know the answers and be able to counsel you on the best approach in your local market conditions.
1. How do values compare with 12 months ago for the size and style of property in this neighborhood? In a nutshell, this answer will illustrate whether the local market is holding its value.
2. How many properties are on the market locally compared with historical averages? If the neighborhood is awash with homes for sale, price ambitions will suffer. However if there is a lack of supply it will cause bolstering values.
3. What is the average time a property takes to sell? The speed at which properties are selling is a key indicator of demand.
4. How are buyers responding to the local market conditions? For sellers, this will indicate whether you will likely achieve your asking price. For buyers, the answer will suggest you can negotiate a discount, or you might be in a battle with others to win the property.