Realtor Marci Press of Home Central Realty has been advocating for sellers for nearly 20 years. It’s that experience, she says, that sets her apart from other Realtors in this fiercely competitive market. Press says that although it is a “seller’s market,” it doesn’t mean that sellers can put a For Sale sign in the front yard and expect to receive competing offers over asking price. We recently sat down with Press to debunk some common myths of selling in this bullish market.
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MYTH 1: I don’t need an experienced Realtor to sell my house in this market.
MARCI PRESS: For most people, buying or selling their home is the largest financial transaction they encounter in their life. Take your time and do your research. The last thing you want to do is sign a contract with a Realtor who does not have experience, especially in the market we are in now. When I represent a seller and we get multiple offers, I can clearly explain what differentiates two seemingly identical offers. Is there a home sale contingency? Who is the lender? Is it someone the seller’s Realtor has worked with before? Have they offered a short appraisal gap? These are the things an experienced Realtor knows to look for and can help you navigate. It is just as important for sellers to have an experienced real estate professional as a buyer in this market.
MYTH 2: Home staging is not necessary to get top dollar for my property in this market.
MARCI PRESS: A lot of sellers think because we are in such an inventory-deprived market they do not need to do anything to their house for it to sell in our current market. While it is likely their home will sell because of the market, to get as much money for their home as possible, professional staging is almost always necessary. When I list a home, with rare expectation, I hire a staging professional to come in, assess the home and make suggestions to the home seller. It’s an important service needed for a seller to achieve the optimal selling price and terms.
MYTH 2: In this market, I can list my home for a ridiculous price, and get it.
MARCI PRESS: A realistic asking price matters. Some sellers feel they can list their homes for exorbitant amounts, and in some cases they can, but usually that strategy backfires. The competitiveness of the market itself is going to drive up the purchase price. We don’t have to list it at an unrealistic asking price and risk it sitting on the market in a market in which houses do not sit on the market. Also, make sure that your Realtor provides you extensive research to back up their recommendations when it comes to listing price. An experienced Realtor doesn’t just use their gut feeling, they also use data.
MYTH 3: The end of the competitive housing market in Columbus is in sight.
MARCI PRESS: There really is no end in sight! In a healthy real estate market, there are six to nine months’ worth of inventory available. In Ohio, we have one-and-a-half months’ worth of inventory available. As a result, home prices have shot up 10 percent year over year. Everything I have read, every podcast I’ve listened to and every seminar I have attended has not predicted this market to change anytime soon. The large number of people moving to Columbus isn’t helping, even though we are glad more people are discovering our gem of a city.
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