If you are thinking about selling your home anytime in the near future, there are many things you need to think about when choosing an agent – everything from the market research they do in helping determine a fair market price for your property to developing a marketing plan that will drive traffic to your home. One of the key items to consider is online marketing.
How important is strong online marketing? The National Association of REALTORS® reports in 2011, 35% of home buyers took the first step in looking for a properties online. They took this step even before talking with an agent. A full 88% percent of buyers used the internet to search for properties last year. This number dropped a little bit in 2011 from the all-time high of 90% due to an older generation of buyers in the market last year. Overall, the internet and real estate agents have remained the two highest-ranking sources by usefulness reported by buyers last year.
Another shocking figure is that in 2001, only 8% of buyers found the home they ultimately purchased on the internet. Today that number is 40%. That is an amazingly high number.
What does all this mean for you if you are selling your home? As a seller you must work with an agent who understands the vast power of the internet. Everything from professional photography to virtual tours and syndication.
Most of my buyers begin their search online- months ahead of actually attending an open house or physically touring a home. It is so important to look good online!
Syndication refers to the placement of your property information on a wide variety of websites where buyers search. This includes not only the websites of the agents and the company the agent is affiliated with, but the MLS which makes the property information available to all agents in that marketplace and beyond, as well as websites such as Yahoo Real Estate, Zillow, Trulia, Craigslist, and dozens upon dozens of other websites buyers use on a regular basis.
Statistics compiled from the National Association of REALTORS® Profile of Home Buyers and Sellers 2011.
Thoughts on the current Month Supply of Inventory graphs:
- note how 1 year ago, there were no red portions of either county. this means that we were either in a “neutral” (yellow) or “buyer’s” (green) market last year.
- the shift is significant to a sellers market. This shows that there are fewer homes available to buyers in December 2011 compared to December 2010.
- each number represents the amount of months to aborb all of the current inventory available, without any new listings coming on the market.
One concern I have been hearing a lot from clients is they would like to move (or need to due to a job transition), however, the recent economic challenges have not been kind to the equity they have in their home – and they are concerned they won’t even break even on the sale.
Their concerns are valid, but when we really look at the numbers, and our “right-now market”, they realize that all the bad news they have been hearing about the real estate market doesn’t apply as much as they thought it would. Although some people are indeed “upside down” on their mortgage – meaning they owe more than the market will pay for their home at the moment- in many cases although they won’t necessarily be making a profit on the sale of their house, they will at least break even.
The lesson for my clients is two-fold:
- Don’t always believe everything you read and hear about how lousy our current market is. The news is always based on generalities.
- Price your home so that it will sell. Overpricing your home, simply because you can’t stomach the idea of not making a profit on such a large investment, only hurts you in the long run.
Breaking even on the sale of your home may allow you to buy a bigger home, or smaller one, that fits your needs better. And it most likely will be at a lower interest rate too.
To know about the specifics on your home, sent me an email or give me a call: firstname.lastname@example.org or 425-870-3657