By Nancy Russell, Vice President CBRB
It's difficult to think about spring when you are staring in the face of a January and February New England winter. However, real estate is my passion and as the New Year rolls around, excitement sets in as I think about the spring market. An interesting trend has developed over the last six years and if you are thinking about selling your home you can take advantage to maximize your selling price.
The real estate market's bubble burst in 2005 and prices began to retreat in early 2006. Worcester County hit a low in December 2008. Then, the median sales price for a home was just over $185,000. Today, the Worcester County median sales price is around $212,500. However, an interesting trend is revealed when looking at the median sales price chart over the last six years. The spring market has yielded the following percent increase in median sales price:
• Spring market 2006 – 4.1% increase
• Spring market 2007 – 4.8% increase
• Spring market 2008 – 0.2% increase
• Spring market 2009 – 18.1 % increase
• Spring market 2010 – 13.4% increase
• Spring market 2011 – 10.6% increase
The trend doesn's stop there in reviewing the data prices actually retreat after the spring market in each of the last six years. In other words, you will get a higher sale price for your home in the spring market, and then prices will decline through the end of the year on average. Now that we know the best time of the year to sell your home, there are a few more elements to get the highest possible sale price. The next thing to consider is home staging.
Home staging is the act of preparing a private residence for sale. The goal of staging is to make a home appealing to the highest number of potential buyers, thereby selling a property more quickly and for more money. Home staging or the art of creating a positive impression can actually increase the average homes sales price 10 % to 15%!
Staging techniques focus on improving a property's appeal by transforming it into a welcoming, attractive home that anyone might want. Staging can include some or all of the following; furniture rearrangement design, color consultation, organizing, lighting depersonalizing and decluttering. Home staging can take weeks or longer depending on what needs to be done. Remember, the sole purpose to staging is to maximize your selling price.
The final element of selling your home is a professional marketing plan that is unique to your home. Some real estate agents believe that home marketing begins and ends with the listing in MLS. However, a blend of traditional marketing techniques like flyers/post cards, broker luncheons, and contact databases mixed with newer marketing techniques like websites, e-mail campaigns and social media ensures that the largest possible pool of buyers will be seeing your home.
Real Estate is truly my passion. If you are thinking about selling your home call me. I will provide you home staging advice as I am an Accredited Staging Professional. Then, I will develop a unique marketing plan to ensure that your home sells quickly and at top dollar. The time to prepare for the 2012 spring market is now.
“Whatever Nancy touches turns to SOLD.” Call me at 1-508-243-8128 or by e-mail at [email protected]. Visit my website, www.nancyarussell.com, for more information or stop by the office located at 2 Maple Ave. in Shrewsbury.