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October 18, 2022

How to Get the Highest Price for Your Property in this Changing Market

How to Get the Highest Price for Your Property in this Changing Market

Getting the top selling price for your property will depend on a number of factors. It’s important that you do the proper research and be prepared for a potentially complex process as the  market shifts away from the red-hot seller’s market seen over the past couple of years. According to CNBC, nationally, the housing market has experienced a cooling of the competition, with homes spending, on average, five days longer on the market and experiencing a reduction in list prices in August 2022 compared to 2021.
According to the NAR, while many of the highly sought-after cities across the nation are still experiencing a seller’s market, the truth is that the intense competition and bidding wars seen a year ago isn’t what the real estate landscape looks like today.
Because of the changing and challenging market, sellers should be on their toes when preparing to list their properties for sale. It’s essential to have an experienced real estate agent on your side—a professional who will help you understand the whole endeavor from getting your home in top shape to marketing and negotiating offers to signing on the dotted line.
Especially in a market that’s constantly adjusting to economic uncertainty since the pandemic has started, working with a team of professionals will help you navigate the industry and set yourself up for success. Read below for some expert tips from Stilla Raissi to get the highest price for your property in this changing market.

Do your research on the local housing market

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Being knowledgeable about the local housing market is vital to getting the most money for your property. This is where your agent is an invaluable resource, as they are well-versed in the fluctuations of the local market and can study similar properties in the area, which is an essential factor in coming up with a competitive and accurate price for your home. A trusted real estate agent will have a list of comparable sales, or “comps,” which are similar properties that were recently sold in the same market. The data will also include the prices the properties were sold for and the price range of other properties that are listed for sale. Your agent will utilize all of this information to devise a solid pricing strategy.
For instance, according to the California Association of Realtors, Los Gatos real estate has experienced a cooling of the market as discussed earlier, although the area is still highly sought-after. As of August 2022, the existing median price of Los Gatos single-family homes was $2.1 million, which represents a 11.6% decrease from 2021. However, the most upscale, luxurious properties are still selling from $5 to $12 million.
Saratoga real estate has also remained competitive, with the median price of single-family properties of $3.71 million as of August 2022, which is a 3.1% increase over last year. The exclusively elegant estates and hillside residential lots in Saratoga can be found with staggering list prices of up to $36 million.
According to the Santa Clara County Association of Realtors’s September 2022 reports, Monte Sereno saw only eight new listings, with a median price for single-family homes of $3.45 million. Similarly, Palo Alto saw a median price of $3.28 million, but there were 47 new listings. Comparatively, in San Jose, there were 429 new listings and a median price of $1.445 million.
Overall, it is essential to understand the nuances of the local market in order to time your listing correctly. This is where your agent is an essential part of your team.

Sell your property when inventory is low

Ideally, it’s best to sell when the inventory of available homes is low compared to the number of buyers searching for new homes. This will drive up the demand for your property and ultimately lead to a higher sale price.

Time the sale during the high selling season

The time of the year you put your property on the market will affect its selling price. Historically, May through August see the highest activity on the real estate scene, according to the National Association of Realtors. In fact, transactions during these months accounts for 40% of the sales volume over the course of the whole year. This is because buyers generally prefer to move during the summer.

Set the stage

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Staging is an effective strategy for making your house feel like a home in the eyes of potential buyers. As people tour your property, you want them to easily visualize themselves living within the space. Staging will help accomplish just that—professional stagers will organize furniture, choose appropriate decor, and use effective lighting techniques to make each room have a defined purpose. They will create a cohesive design theme throughout your home and showcase the little details that make your property unique, from the incredible amenities to the architectural elements. Professional stagers will know how to make your home look more spacious and appealing. They’ll know how to rearrange the furniture and increase its curb appeal right away.
Overall, effective home staging can create a warm and welcoming atmosphere that will increase the interest of potential buyers. If the staging is done well, buyers will start to feel a personal connection to the house as soon as they step inside. It’s a marketing technique that will help get you a higher selling price for your property in the end.

Use high-quality photos for your listing

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Just like professional staging, using professional, high-quality photographs in your property listing will help increase buyer interest. After all, in the age of the internet, most potential buyers’ initial exposure to your property will occur through the pictures that come with the listing. So, you want to capture their attention from the very first click.
Making a positive first impression will make buyers want to schedule a showing to see the property in person. Professional photos will also increase the perceived value of your home and help get you higher offers. As an added bonus, a study published by PR Newswire shows real estate listings with professional photos sell 32% faster.

Have your home always ready to show

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While your agent will schedule and coordinate tours, it’s essential that you keep your home in top shape so that it’s always ready for a potential buyer to show up. Consistently keeping your home clean and organized for showings will make it more appealing, and you won’t have to rush around dusting off the shelves at the last moment. The more professional your home looks, the more interest you will likely have, which means more offers. And, the more offers you get, the more competitive the offers will be. When competition is high on your property, the value rises.
If you have grass, start by ensuring your lawn is well-trimmed and your entryway is clear of any debris or dirt. Potential buyers will judge your home based on the curb appeal before they even set foot in your house. Inexpensive plants and a few colorful flower pots can go a long way.
Likewise, the inside of your home should be spotless, especially the kitchen and bathrooms, which are main focal points during a home tour. Closets and all storage spaces should be organized, because buyers will peek inside. Make sure to empty out the closets so they are only half-full at the most. After all, having spacious storage spaces will make your home more appealing.

Work with an experienced local real estate agent

To help you navigate through this constantly changing real estate market, you need to work with an experienced local Realtor® with the acumen and savvy skills to get the job done. Stilla Raissi has over a decade of experience in the industry. She’s a premier Los Gatos Realtor® who specializes in luxury property sales and exclusive, off-market transactions. In addition to Los Gatos, she also has a strong focus on Saratoga and Monte Sereno real estate. So, when you’re ready to reach success, reach out to Stilla to get started.

*Header photo courtesy of Shutterstock

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She has a solid mastery of the performance of volatile markets, pricing strategy, and negotiation, amassed from over fifteen years experience in the mortgage lending and real estate industries.

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