Hi, I am considering selling my home due to some family circumstances, but am wondering how bad the market is right now for sellers? I live in a HCOL area and a couple of houses on my block have gone up for sale. Both are way more updated than my house (it's a complete fixer upper), so I'm a bit worried about being able to sell at all. Any insight would be appreciated!
How bad is the market right now?
byu/CharacterTutor2 inRealEstate
Posted by CharacterTutor2
7 Comments
It’s best for you to check with local real estate agents to see what they think you might be able to get.
I would recommend you talk with at least two or three to get some different viewpoints on the market in your area.
There’s definitely someone who would buy your house, if that’s what you’re worried about. Considering it’s afixer upper, you may get a few low-ball offers but you can definitely sell your house at a fair price. It’s up to you to work with an agent or not because as you may know, agent fees are just about 6 percent…
My two cents as a buyer right now— I think the market is warm but not hot. If a house price hits the right spot considering location, layout, condition and age, then the house is off the market within days.
If a house wants to live in a hot market where people will “clamor” to get *any* house just based on location, even at a price premium based on the other factors, then that house is sitting on the market.
I’d say you will get a buyer quickly at a “fair” price point, but not at an elevated point. An idea may be to put the house at a price point 10-15k *below* fair price, and see if two buyers get interested. The buyers will realize what the fair value is and that it’s a bargain and likely to garner attention, and likely offer slightly above fair value. Win-win!
Edit: as someone else mentioned, find a reasonable real estate agent. Some agents are *also* living in la-la land and wrongly assuming bidding wars.
Fix it up and sell when rates drop
Managing broker and realtor for a decade over here in Vancouver- my advice to any seller when it comes to vetting Realtors is working with one that matches your personal communication style a lot of agents are good on paper and might do really well in the area but if you find they only want to text you when you’re a person likes to communicate on the phone and it’s not going to work especially in a high stress environment like this. This is just one of the things I would look for and I’m using voice text to mention what to do but feel free to DM you can give some more tips
The market is slower in many high-cost areas, especially for fixer-uppers, but homes can still sell with the right strategy. If you’re open to other options, you might look into [selling Airbnb rentals](https://www.getchalet.com/sell-your-str), which can attract different types of buyers and investors.
Real estate is very local.
In San Jose, prices are up 4.8% yoy, median sale price $1.5m. Whether that is good or bad depends if you are buying or selling, what you are comparing it to