Is it wise to sell now when there are unsold homes in the neighborhood?
Sep 25, 2022Marketwise for the Bay Area News Group and its flagships The Mercury News and East Bay Times
By Pat Kapowich | Published: July 18, 2022
Q: It is time to sell our home where we raised our children. Homes do not sell as fast in our neighborhood as last year. Fair enough. We were not thinking of relocating in 2021. Interestingly enough, prices have declined more quickly than expected. The home across the street has sat on the market. No takers. If we list our house now, our neighborhood will have five unsold homes. Should we wait to sell or list our home now and compete with the other sellers?
A: The current sold prices in your neighborhood are higher now. When those listed properties sell and close escrow, closing sale prices will be lower. Don’t wait. Hire a great real estate agent and get to work to outshine the competition.
Sellers and real estate agents now have to earn the homebuyer’s business. Homes selling fast had their downside. Real estate agents did not have to employ the full force of their skills to list and sell a property. Home sellers often became complacent. This market shift has stunned droves of real estate agents. Full stop. That is one reason to hire a professional real estate agent who understands how to broker real estate in all market conditions. Don’t forget: It’s a competition.
You are competing for homebuyers. Earn their business. Start outside the home. Repair, power-wash and apply stains to all wood fences and decks. It’s money well spent. Turn those sunburst eyesores into eye-popping features. Power-clean all concrete surfaces, including the garage, driveway and sidewalk in front of the house. It magnifies cleanliness. Enhance all yards on a shoestring budget with the advice of your real estate agent and preferred gardener. Make sure all plasterboard in the garage is repaired and painted. I recommend improving the garage floor with a colorful epoxy finish or, at minimum, paint the concrete.
Now, for the house. Get the roof, chimney, termite, home and sewer lateral line inspection reports. Meet with inspectors while on-site. You and your real estate agent can prioritize any correction or enhancements recommended. Your agent will advise you how to prepare your home based on occupancy, pets, timing and cost. If the marketing matches the condition of the property, the house will sell itself.
Questions? Or are you or someone you know navigating life’s transitions? Let lauded negotiator Pat Kapowich make your next move easy. Visit Kapowich’s website for free area housing data, insights and trends. Or put his artful blend of specialized credentials, decades of experience and endorsed skill set to work for you. Kapowich instills confidence when buying, selling, relocating or resizing homes. Do not just make a move — make the best move. Contact him today, Realtor Pat Kapowich, a career-long consumer-protection advocate.
Office: 408-245-7700; SiliconValleyBroker.com
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