House Selling Tips: Monitor the Housing Market

by Marc Gottesdiener 01/12/2020

For those who plan to list a house in the foreseeable future, it often is beneficial to track the real estate market. By doing so, a home seller can identify real estate market patterns and trends and quickly address any potential property selling hurdles.

Now, let's take a look at three tips to help you analyze housing market data so you can accelerate the property selling journey.

1. Review the Prices of Recently Sold Houses in Your Area

Check out the prices of recently sold houses in your city or town. That way, you can find out whether sellers are accepting offers to purchase at or above their initial home asking prices.

Furthermore, it may be a good idea to see how your house ranks against recently sold residences. With this housing market data in hand, you may be better equipped than ever before to establish a competitive initial asking price for your home.

2. Determine How Quickly Houses Are Selling

As a home seller, you should find out whether you're preparing to enter a buyer's or seller's market. If you look at how quickly houses are selling in your city or town, you can distinguish a buyer's market from a seller's one.

In a buyer's market, you will find many sellers and few buyers. Conversely, in a seller's market, there is an abundance of buyers and few sellers.

The differences between a buyer's and seller's market are significant. If you understand whether you're getting ready to sell your home in a housing market that favors buyers or sellers, you can determine how to price your residence so it will generate plenty of interest from buyers. And as a result, you may be able to streamline the home selling journey.

3. Assess the Prices of Homes That Are Similar to Your Own

Your home may be one of many available to property buyers. Thus, you should review the prices of houses in your city or town that are similar to your own. This housing market data will help you narrow the price range for your residence.

Also, you may want to review rival home sellers' property listings and see how these sellers promote their residences to prospective buyers. Because if you can find ways to differentiate your home listing from competitors', you could boost the likelihood of a successful house selling experience.

As you prepare to add your house to the real estate market, you may want to hire a real estate agent as well. A real estate agent will offer recommendations so you can enhance your residence both inside and out and help you establish a competitive initial home asking price. Plus, a real estate agent will help you review an offer to purchase your home and determine the best course of action.

Take the guesswork out of selling your house – use the aforementioned tips, and you can monitor the real estate market and use housing sector data to simplify the property selling journey.

About the Author
Author

Marc Gottesdiener

As a full service real estate company with over three and half decades of licensed experience and expertise, Marc Gottesdiener & Co., Inc. handles all aspects of both commercial & residential real estate assignments including appraisals, rentals, listings, building rehabilitation, consultation, expert in litigation, court testimony, & other real estate asset services especially in Connecticut. Marc Gottesdiener himself has owned over one hundred twenty units and these properties have been in 4 New England states, and the company has managed hundreds of units in Hartford and beyond for a diversified base of clients and types of properties. Use objective experience in solving real estate problems. As an appraiser, Marc is a certified general for both residential and commercial appraisals and has provided expert court testimony in all eight Connecticut counties. In addition, Marc routinely works with the Connecticut Superior Courts (on over 250 cases) in providing appraisals and court testimony for various property matters, foreclosures, divorce, bankruptcy, partition suits, and other litigious matters. His firm can represent as an agent & manager for landlords from out of state. Over the decades Marc has handled many difficult real estate situations, and to negotiate settlements to provide creative & equitable solutions. Read more about our company here.