As you may have heard, the Pittsburgh Real Estate Market has been booming! It’s a seller’s market & there are not enough homes on the market for the number of buyers looking for a home to purchase. Even still, there are obstacles to overcome even in a busy market.
Some of the obstacles I see are:
Determining the market value of your home is one of the first steps in the home selling process. In a hot real estate market, it is a common misconception that you can ask a much higher price for your home. A savvy real estate agent will find the most recent sales in your area for homes that compare to yours and guide you to a price that is substantiated by those comparable homes. This is the information that a real estate appraiser will be looking at when it comes time for the appraisal also.
Repairs and Preparation
Any repairs and preparation should occur prior to entering the home in the MLS. Preparing the home to sparkle and shine during showings is still important in a hot market. You may be wondering why. The buyer will form 1st impressions from the moment they pull up to your home. If they feel there are too many repairs, or that the home has not been well maintained they may move on to the next home.
Some buyers want to purchase a home in mint condition at bargain prices. Some buyers do not want to move into a home and make repairs, whether large or small. They will make a low-ball offer based on their emotions, rather than market conditions. Their offer price can sometimes be based on what they feel needs done in the home to meet their needs.
Many buyers are not educated that the purpose of the home inspection is to uncover any major ticket items or safety issues. These items are not always known by the seller. If the buyer is having cold feet, they may decide to terminate their offer at this stage. Having a pre-inspection by a licensed home inspector is a good way to eliminate any surprises.
As mentioned in the pricing obstacle, the appraiser uses information on homes that have recently sold in the area that compare to your home to determine value. It is often hard to counter a low appraisal & another reason why overpricing your home is not advantageous.
The buyer’s mortgage approval can also become an obstacle. A pre-approval letter from a reputable lender is usually confirmation that the buyer is well qualified. Buyers should not use their credit to make any purchases before closing because it can affect their mortgage approval. A job loss, relocation or other changes to the buyer’s employment could also affect their ability to qualify.
Partnering with an experienced agent who can help you in all stages of the selling process is key to a successful sale.
I will help you determine what needs to be done to have your home in top selling condition, price your home appropriately in this hot real estate market, advise you through the home inspections, and guide you through each step in the closing process.
I am available to schedule a free private consultation with you to discuss the sale of your home. Contact me by phone at 412-848-3907 or email at email@example.com. I look forward to hearing from you!