Aiken Market News for September
As expected, new listings are down, sales and prices are up. Lower supply and higher demand continue to create a more favorable market for sellers as we wrap up the third quarter of 2016. The best news of all is that we are down to 7.3 months inventory, which is an 18.9% drop from this time last year.
Impact on Sellers
As inventory continues to go down, buyers have fewer homes from which to choose. This means things are favorable for sellers for a change! For the past few years, we’ve seen a market flooded with properties. This fact, combined with so few willing and able buyers, meant that sellers had to take what they could get or risk buyers walking away to find a seller either more accommodating or more desperate. As the market changes, here are my suggestions for sellers:
- Don’t get crazy! Just because the market is seeing signs of improvement does not mean you can jack up the price of your home. Buyers still look at comps, and properties still have to appraise, sometimes even when the buyer is paying cash.
- Preparation is key; pack up unnecessary belongings, move them into storage or stack them neatly in the garage. Make necessary repairs before your home goes on the market. Cleanliness is very important. Before the first buyer sees your home, it should be properly prepared in order to maximize your sale price.
- Hire an agent, or team, with knowledge of the market today. Things are changing fast. Your agent or team needs to be nimble and responsive to these changes.
Impact on Buyers
As fewer homes come on the market and those that do sell more quickly, buyers must be organized and prepared or face losing their dream home to another buyer. Here’s my advice to buyers:
- Get pre-qualified before you start looking for homes. You need to know exactly what you can afford and what steps you need to take prior to getting your heart set on a property. Talk with your agent about recommendations for lenders. Contact more than one to see who has the best terms, and which lender feels like a good fit for you.
- Choose a real estate agent who is responsive. The most frustrating thing for a buyer is finding the perfect property, then having to hound their agent to show it to them. One of the reasons we like the team approach is because of availability. No one can be available all the time, but when there are four agents on a team, there is always someone who can pick up the ball and run with it.
- Choose a real estate agent who knows the market. When you describe the home you’re looking for, that agent should be able to save everyone a lot of time by narrowing down the search based on their knowledge of the market, and showing you the homes that fit your needs best.
Is it time for you to reap the benefits of an improving market in Aiken? Are you considering buying or selling? The Best Life Team can help. We’ll put our experience and resources to work for you.
Contact us today!