Understanding the New Albany, Ohio Market
Most likely a property will sell at its fair market value; however, a property’s market value is determined by what buyers are willing to pay. Understandably, in a buyers' market (where the supply of housing is greater than the demand) buyers can find better deals than in a sellers' market (where the demand for housing is greater than the supply). Understanding the market is crucial to sell your New Albany home for top dollar.
What Determines Your Home's Value
The first step to determining a fair price for your home is to get a Competitive Market Analysis (CMA) of recently sold homes in your area. This report compares similar homes in your neighborhood and the price they sold for recently. Kate & Tony offer their CMAs for free. Just give us a call and we’ll prepare one for you. For a more accurate valuation of your home, we can come out and take a quick look, which will give us a better idea of your home’s condition and features.
There are many factors that affect the market value of your home. Some are within your control and some are beyond your control.
Factors Within Your Control
- Listing price
- Terms offered
- Condition of the property
Factors Outside Your Control
- Location and size of your home
- Current market conditions
- Other homes for sale
The Best Time to Sell a Home in New Albany
Usually late spring is a good time to put your home on the market. Many buyers are looking for homes at that time so they can purchase a home and move their families before school starts. But it’s always a good idea to put your house on the market as soon as you’re ready so that it has time to sell. Houses sell year round and during a slower period, there are generally fewer homes to compete with.
How Long It Takes to Sell a Home
Average listing times can vary widely by neighborhood, price range, and inventory level. Once your home is under contract, it typically takes 30 to 45 days until the closing. This time frame is established during the contract negotiations.
How to Effectively Price Your Home
Pricing a house is one of the most important parts of the home marketing process. You want to get as much for the property as you can, but if you set the price too high, you can turn away qualified buyers. Pricing strategy depends on market conditions, and the strategy is different in a buyers' market than it is in a sellers' market.
Be careful not to overprice your home, because it could languish on the market. A high price tag could be the reason a home does not sell in a reasonable time. When a property is on the market for too long, buyers tend to think there’s something wrong with it. It is crucial to work with an experienced real estate agent to develop a pricing strategy for your New Albany home.
The Best Ways to Add Value
Make sure your home shows in its best possible light so buyers will find it more valuable. Creating curb appeal, clean your home thoroughly, and staging it for optimal attractiveness. Don’t start any major renovations. You will not be able to recoup the costs. Do, however, fix anything that needs repaired.
The real estate market is hard to predict. Following this advice, however, will make it easier to sell your New Albany home in any market condition.