With the real estate market still so hot, many experts think this is a great time for sellers who have unusual or unique properties to take advantage and “cash out.”
For instance, sellers who paid too much during the last boom in real estate or did a renovation that made their homes “over-improved” for the market may find this is the ideal time to sell. Some purchased in a less desirable neighborhood or where properties appreciate in value more slowly. Some do not have the funds to modernize their home or bring up to date; those who have a second home to move into until they find exactly what they are looking for when prices stabilize would be wise to sell now and get top dollar.
Sellers in preferred locations, with modernized homes can sell whenever they choose because theirs are the properties buyers most favor. Homeowners with properties that need TLC or those located in less desirable areas may find their requested selling price is more of a challenge in average markets.
This is not the time to take advantage of buyers. But with the very low inventory, it forces some buyers to concentrate less on imperfections or less features in the home and instead focus on what is already there and in good condition. Home inspections will be done to ensure that all is in working order but buyers may be more willing to overlook renovations that are needed to update the home in the future.
When there is a shortage of listings as in the current real estate market, buyers with limited time or specific location requirements may be prepared to compromise by choosing from what is available. But be careful not to OVER price any property! Even though multiple offers will come in, an appraisal will determine the true value and a typical price in a less manic market.
For the best advice and guidance, contact us at Whippet Properties of Florida. We have over 60 years of combined experience in the residential real estate market!