The housing market in Rochester has not seen the drastic dips in property values like other places of the country. However, our home values have dropped. If you purchased your home less than 7 or even 10 years ago, it may be very difficult to get much more than you paid for it.
There are a few reasons for this. Rochester values only increased on average 3% per year. The recession has stalled those numbers and given us a stagnent market. Purchasing a property that was dilapidated and in need of some serious overhauling and getting it for way under market value may be one of the few ways to see an increase in what the market will bear at this point. Even then you have to look at the money you put into the property and weigh what allows you to list the house at a certain price. For example, putting a new roof on a home does not necessarily add value but it allows the homeowner to sell their home with less hassle. Buyers do not want to take on a previous homeowners deferred maintenance.
Determining your list price with the help of a real estate agent is the number one way to get your house sold. More and more agents are having to tell homeowners that the list price or sale price they had in mind may not be possible. Buyers determine the value of a property and one of our biggest problems right now is the lack of buyers. Many listings and few buyers mean that if a buyer thinks your house is overpriced or needs too much "work," they will move on to plenty of other potential listings for them to buy.
What to expect when listing?
There are some homeowners who are selling their properties rather quickly (within 2-3 weeks). But that is not the truth for the majority. This does not necessarily reflect the condition of the home but the simple fact that it is taking longer to find a buyer.
Get your home in shape.
Now more than ever homeowners need to step it up with repairs and overall appearance of the property before putting in on the market. Don't wait to get the "feedback" from buyers that the carpet is worn, the rooms need to be painted, or there is too much clutter. In a fickle market with buyer's who do not have a sense of urgency, you may only get one shot to make that first impression.
Look at the comparable sales.
What the current market is showing in terms of home sale prices and days on market will be a reflection on selling your own home. Even though each property is different, the same rules apply. The buyer has the advantage. If you list your house properly from day one, you have a better chance of getting a price closer to what your "bottom line" is and selling in fewer days or months.
Condition and price. Condition and price. The 2 most important things when selling a property.