As one of the most prominent sectors of the economy, no one is untouched by the impact of COVID-19 on the real estate industry—especially home sellers.
If you’ve been holding your breath for a while and are unsure about how to price your house for sale, you can do a few things, including hiring a certified residential appraiser.
First Things First…
The price you ask for a house cannot be based on anything other than the current market data and real estate trends. While it’s common to attach emotional value to the house, you must think logically, so you don’t end up overpricing the house—which would slow down the selling process.
Here’s how you can use data to your advantage
The Supply And Demand
Knowing the supply and demand of houses in your area can help you determine what the real estate market is looking like these days.
The easiest way to get a sense of that is to take a look at the absorption rate to get a sense of the inventory, or supply of homes in the market.
The months of inventory will also help you assess how long it would take to sell your house in light of the current supply of homes in the market. This will allow you to set a price that’s in line with your selling goals.
The Decline In Listings
There’s been an active decline in the number of houses being listed due to the onset of the coronavirus pandemic.
However, more and more reports show that the rate of this decline is starting to improve with new listings increasing every week. Keeping an eye on this will help you adjust your pricing strategy according to the competition.
Hire a Certified Residential Appraiser
If you’re selling a house, you need a real estate appraiser now more than ever to determine its value.
They’re an unbiased third-party that evaluates your property to determine its value. They have experience in the real estate industry, which gives them the right tools to evaluate your house according to current real estate market trends.
A certified residential appraiser also assesses the conditions of the interior and exterior features of the property, functionality, and layout of the design, and exterior amenities like decks, garages, and porches to determine the value of the house.
If you’re looking for a trusted appraiser who is well-versed in the real estate market conditions during the coronavirus pandemic, get in touch with Torlai Appraisal Services!
We provide professional house appraisal services in Stockton, CA, and surrounding areas. Our team of licensed home appraisal service Sacramento have extensive experience in the industry and have helped countless clients with FHA, IRS, and REO appraisals.
Contact us to find out more about residential appraisal costs today!