The housing market in California and other parts of the U.S. is constantly changing. Thus, a homeowner who wants to sell might end up facing a seller's market, characterized by bidding wars and increasing prices. The homeowner might also face a buyer's market, in which there are several home choices and, thus, lower prices. A few tips may help people to successfully sell residential real estate in the Golden State.
First, timing is essential. At the current moment, there is high demand from buyers, and this has decreased inventory. Thus, now is a wise time to market a home. The demand for homes remains strong at the beginning of summer to mid-August since people are taking time to purchase homes before school starts again.
Pricing is an important factor in the decision to sell a home. Over the past year, prices have gone up, with several areas witnessing increases in the double digits. Looking at comps of homes similar to the home one is trying to sell is necessary, with the most recent activity offering the most valuable information. Overpricing a home is a strategy that usually fails, so it is better to keep one's home price comparable to those of homes that have recently sold successfully.
In today's residential real estate landscape in California, multiple offers do not happen as often as they did in the past. However, there is a high chance that an offer from just one person can be negotiated in a win-win situation for both the seller and buyer. An applied understanding of the law may help a seller or buyer to approach a real estate deal in a manner that will benefit him or her long term.
Source: rocklintoday.com, "What Sellers Should Know: Real Estate Watch", Julie Jalone, June 16, 2016