The median list price of homes for sale in the New Jersey real estate market continues to trend up year over year, and it’s worth expecting a seller’s market in some areas. The median list price of houses for sale in Ewing, NJ, in particular, is up 12% YoY as of July 2021.
If you’ve been looking to sell your property, now might be a good time to do so. If you’re yet to become familiar with a seller’s market, it’s a phenomenon that happens when there is high demand for houses, but the supply is low. Hence, sellers have the opportunity to increase their asking price and close the sale with buyers who will make the best offer.
Here are some things you need to know to prepare for selling your home in a seller’s market.
What’s your motivation?
Why do you want to sell your house? Where do you want to move next? While a seller’s market is generally profitable for sellers, ask yourself if you need to sell your home at this time. Selling it now may make sense if you plan to move to a cheaper market or into a smaller space. If you plan to buy another house in the same market or one that’s as competitive, you might only end up paying the same price as you earned or even paying more.
Have an accurate estimate of your ROI
Finding out that you can sell your home for a lot more than when you bought it may sound attractive, but how many years has it been since then? Think about the amount you’ve paid over the years for maintenance, utilities, repairs, and upgrades, plus inflation.
Before planning to sell your home, consult with home selling agents who will provide you with an accurate idea of how much you will be earning and the return on your investment. This will help you make a wise decision. Is it worth selling your home now, or should you look at other options first?
Prepare your home for selling
Selling in a seller’s market might be easier than in a buyer’s market, but a house is a significant financial investment, and buyers will be scrutinizing. Make sure your home is in its best condition before listing it for sale. Do some decluttering and general cleaning and freshen it up with a new coat of paint to make it look attractive for photos and staging. Work with your real estate agent on the next course of action, such as if repairs or renovations are needed.
Attract buyers with a slightly lower price
A good selling strategy is when you set an asking price a bit lower than the market value. More buyers will be interested in your home, and it will also allow some space for buyers to make an even more competitive offer.
Need help selling your home in Ewing, NJ? David DePaola & Company Real Estate is a team of top home selling agents in Central New Jersey. Get in touch with our associates by calling us at 609.731.0581 or sending an email to david(at)depaola(dotted)com. You can also drop your message here.