The busy spring real estate market may be upon us, but there is one factor Eastern Panhandle homebuyers will be met with as they begin the house hunt— low inventory. The number of homes for sale in West Virginia is trending on the lower end, compared to previous years, and as a result, is driving home prices upward.
According to the Quarterly Metro Home Price report released in February by the National Association of Realtors, home prices are not just on the rise, but the rate at which they are increasing is also speeding up. "Without a significant ramp-up in new home construction and more homeowners listing their homes for sale, buyers are likely to see little relief in the form of slowing price growth in the months ahead," said NAR's chief economist Lawrence Yun.
So what does this mean for you as a homeowner on West Virginia's Eastern Panhandle? You could see a quicker sale by listing your home this spring as buyers have fewer properties to choose from and what's more, you may be able to sell for top dollar. Keep the following tips in mind prior to listing your home in Charles Town, Shepherdstown, Hedgesville, Martinsburg, Ranson, Falling Waters, Harpers Ferry and Inwood in order to maximize your sale's potential.
Carefully choose the listing price
The listing price chosen for your home will have a major impact on the success of the sale. It is important to consult your Kable Team real estate agent if you have questions in this area as we know the market, know what buyers are looking for and can help pull information on the sales of comparable properties. Remember, you don't want to overprice your home as you may put it out of reach of many motivated Eastern Panhandle buyers who would otherwise make an offer.
Work with a real estate agent
While you may think you will net more money by forgoing the help of a real estate agent, the opposite is true. Homes that were sold by using a real estate agent tend to sell for higher prices than those who go the FSBO (For Sale by Owner) route. For instance, the median price of FSBO homes was $210,000 last year, while those sold with the help of an agent had a median selling price of $249,000— that is $40,000 more than the typical home sale, according to the Economists' Outlook Blog.
Do not hesitate to reach out to Kable Team Realty with any questions about selling your home this year! We're here to help!
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