Ideal Living magazine has partnered with some of the top real estate agents in the country to bring you updates on what’s happening with the real estate market on a local level. The agents will also speak at our upcoming Live South Real Estate Shows.
Susan Albright of The Riverside Realty Group in Fairfield County, CT, reports that eastern Connecticut continues to be a strong market where home prices have increased close to 8 percent over last year. Now may be the time to put your home on the market, as many buyers are starting to come back out. With 12 percent fewer homes for sale now than there were a year ago, there’s less for buyers to choose from, which bodes well for sellers.
According to Susan, “The number of homes listed for sale has come down while the average market time has shortened. This bodes well for prices to hold or continue to increase. Buyers continue to prefer new construction or completely renovated, move-in ready properties and now more than ever, correct pricing and the old adage ‘location, location, location’ ring true.”
In the greater Philadelphia area, Marie Gordon with Long and Foster reports that a buyer’s market still exists, in either a price range or neighborhood where the demand exceeds the supply. Marie references a recent survey in which 56 percent of recent home sellers in the area reported they undertook home improvement projects prior to putting their home on the market.
If you’re ready to move south, Marie says you don’t necessarily need to renovate just to sell your home. “Homes are being sold in the Delaware Valley for a good profit in less than 40 days.” The key is not to price your home too high.
“Today’s buyer is very savvy. Often they know what you paid and when before they even see your home,” Marie states. Her advice to potential sellers: “Make a list, with your real estate agent, of all the improvements that you made to your property for prospective buyers.” Then price accordingly.
Smitha Ramchandani with Weichert Realtors is ranked in the top one percent of all New Jersey realtors. She says, “Homes have not necessarily lost value at the same rate in the recent soft market. Yes, we have been in a correction market, but it has been a strong market for homes that are priced right from the beginning.” She also cautions potential sellers that “the condition of your home will be scrutinized more carefully in thecurrent market than it would have been a few years ago.”
If you have been holding off on selling, Smitha says that now is the time to start exploring that option. “According to a recent Associated Press poll, 59 percent of survey respondents believe that now is a good time to buy, which is great news as the buyer’s market heats up.”