We are all hearing many conflicting stories about the current real estate market. Depending on area, some homes are holding their value, while most are retreating somewhat from last year’s prices. There are fewer buyers in the market, while listing inventory has risen. The law of supply and demand states that when there is less demand and more inventory, prices will fall. So how do we take advantage of today’s market and achieve our goals if we choose to make our move now?It is important to be realistic. That means to do your research as to the value of your home. The best way to gain the knowledge you will need is to call two or three Realtors, preferably one who specializes in working with seniors. Older adults have special needs and tough choices to make when considering a move. A Realtor should be educated and sensitive to those challenges. My best advice is to listen, listen, listen.

It is important you don’t interject your opinion as to value before hearing what the Realtor has to say. They are human and subject to emotions just as anyone else. If they sense you want a certain price, they may alter their opinion which is a disservice to you. You need to know exactly where your home fits in today’s rapidly changing market.

Next, ask for advice as to preparing your home for the very particular buyers who will view your home. As I stated earlier, there are more choices than in past years for fewer buyers in the market place. This means if your home does not show well, it will sit on the market or you will have to reduce the price possibly several times. The first 2-3 weeks on the market are the most important because the listing is fresh, and new for buyers to see. If they like it, they will make an offer at a price point to make sure they are the lucky new owner. If your property sits on the market for an extended time, buyers will see your home as an opportunity for them to purchase at a lower price. There is no longer the sense of urgency since it has been on the market with no takers. The advice given by the Realtor may be hard to hear. But you must listen if you want to get the most from your home in the condition it is in. You can’t have it both ways. If it needs work (interior and exterior maintenance, etc) you will have to discount the price to attract buyers who are willing to do that work. If your price is too high, you will attract buyers who have high expectations and will simply walk out of your home, wasting your time, and adding to your frustration.

Properties are selling! Your home however must be priced properly for the location, condition and floor plan that you offer. Remember that those first 2-3 weeks are critical. Understand the value of your home and decide whether or not you want to invest money to prepare the home for market, or to sell as is with the home priced to reflect work needed. Since we are in a declining market, the sooner you sell the more money you will have for your future. Waiting for prices to return to past levels may cost you more than you are willing to surrender. Therefore, have an open mind and try to listen to the opinions of professionals who are available to help you if you are willing to listen!