How to Navigate the Mid-Winter Market
The New Year has just begun and already headlines are sending you mixed messages as to whether homes sales are up or down, or if it's a seller's or buyer's market. How do you cut through the noise? First, talk to your broker. Second, keep the following tips in mind as we head into the mid-winter market.
Keep Your Perspective
Whether you're a buyer or seller, remember that real estate is hyperlocal. So ignore the national headlines and focus on your market. And by that, I mean, what's happening in your neighborhood and even more to the point, what's the price point in the area. In the Chicago area, real estate can change block to block.
Why Wait Until February?
Forget that old advice about waiting until after February to enter the market. January is a great time to catch the wave of people who want a new home by the end of spring. Chances are – whether you're a buyer or seller – you'll have less competition if you're active in January, so both a listing and offer will stand out. If you wait until February, you might find yourself sitting on the sidelines.
My number one goal is to help you have a successful sale, which starts with listing your home at the correct price. During this time I'll be your advocate, counselor and truth teller. We'll work together to determine the listing price, but there are some basic rules to keep in mind to ensure the process goes easier than you expected:
Someone could have the most beautiful home, but if the property has challenges (like it abuts power lines) while a neighbor's home doesn't, then it's comparing apples to oranges.
If a home doesn't have any showings in a few weeks, it's time to consider a price change.
There's an old adage that remains true – 14 days 14 showings – whichever comes first. Then, if you don't have a contract, lower the price.
The First Offer Really is the Best
Generally, people have been looking for some time before they see your home. So, when your property comes on market and they make an offer, those people are serious. Of course you can, and should, counsel with me in navigating negotiations to make sure it's a strong offer and all parties are satisfied. Everyone wants to come out feeling like there's been a fair deal.