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If you are a Rhode Island Homeowner and considering selling in the near future, here’s what you need to know to aid in making your decision to move or not.
As you might already be aware of, there is STILL very low inventory in Rhode Island as os May, 2024. The number of homes for sale have ticked up a bit these past couple of months but that was to be expected as Spring is typically the time of year we see the most traction. We see this trend stretching into the end of the summer season. Homeowners that are listing their home for sale at MARKET VALUE are seeing the most opportunity attracting the most amount of potential buyers, the most offers, and the least days on market. Pricing is probably the most important thing to get right. When the list price is not where it should be, you are either leaving money on the table or pricing too high. When you price too high, you will get less attention and your home will sit on the market. Trusting your real estate agent and their pricing strategy will most likely get you more money for your home. Often times, homeowners believe their home is worth more than it actually is because there is an emotional attachment to the home which is understandable. What you think the home value is on your spread sheet, may not be the same for someone else. I can’t stress enough to closely evaluate comparable properties with your real estate agent on homes that have sold recently in your local area within the same criteria of your home. This will give you key insight into what buyers in the market are willing to pay for homes similar to yours. When you list your home at the sweet spot, you WILL attract the most amount of buyers and receive the most amount of offers, this is our goal and if you want to achieve it, be open to your agent’s recommendations, after all, they are the professionals within this market. Because we have low inventory, we have A LOT of buyers, these buyers have gained great knowledge on market prices and understand when a home is priced too high. When you list your home it’s all about first impressions so coming in strong with professional photos, and a good pricing strategy, will go far. If your house sits on the market, people loose interest and start to believe something may be wrong with it and this is what we DON’T want to happen.
Some things to do NOW if you are even considering selling in the near future is to choose a great real estate agent. Prospect online, ask your friends or family how they like their agent if they sold recently. This is probably one of the biggest transaction you will do in your life and it involves a lot of money so be sure to put in the effort of finding the right person to represent you! Next, start looking at your home through “buyer’s eyes”, fix any small problems within and around the home. Declutter and start organizing each room. These small things make a BIG difference and will eventually get you more money in your pocket. If you have any questions about home prep or are looking for a local real estate agent in RI or MA. Feel free to contact me anytime!
Sheena Alescio
sheena.alescio@mottandchace.com
(401) 474-0851
