As a real estate broker, I always have to remember that a home purchase is, for most people, the biggest and most important purchase you’re going to make. And, unless you’re a real estate investor or a realtor, chances are that it’s a once-in-a-lifetime (or maybe twice) deal. So, when the time comes to sell your home, whether you’re expanding, downsizing, or leaving the Tri-Valley area, you’ll certainly want to be sure to get the best price possible to maximize the return on your investment.
Timing is everything
There are a number of factors that contribute to the price that you can expect to get when you sell your home in the Tri-Valley. One of the oldest jokes in the real estate world is that pricing depends on the “Three L’s”: location, location, and location. If the location of your home is the Tri-Valley, you’re already in good shape in this regard, as sale prices in the region continue to increase steadily.
In any event, the location of your home is something you can’t change. One factor that does leave room for some flexibility, however, is the time that you sell. As realtors, we’re often asked about what is the best time, even the best season of the year, to sell your home. Generally speaking, people in the business talk about the springtime as the best time of year to sell, though that’s not really necessarily true. What is worth considering, as you plan this all-important deal, is the state of the market in the area.
It’s a seller’s market
Though no two businesses are exactly the same, real estate is not entirely different from other industries. Like in every field, prices are determined by supply and demand. I don’t need to tell you what a desirable area the Tri-Valley continues to be, so you know that homes here are still in high demand. What is changing, however, is the supply side. Mercury News reported this past summer that the supply of home (that is, homes listed for sale on the market) is dropping in the Tri-Valley, by as much 12% in the first half of 2017 alone. Prices continue to increase, as we would expect.
This all indicates that we’re currently experiencing what’s known as a “seller’s market”. And that’s good news for you, if you’re looking to sell your home. In this type of market, you can expect that your home won’t stay on the market for too long, and that you probably won’t need to lower your price. In some periods of high demand and low supply, we’ve even seen buyers in bidding wars, ultimately paying more than the listing price in order to outbid competitive buyers.
Are you considering selling your Tri-Valley home? If you are, why not give us a call at Cornerstone Realtors? We’ll be happy to give you a free estimate of the value of your home, and discuss the best strategy for selling quickly and at the right price.