It’s easy to get excited and think that this holds true for every home, but the real estate market is very local and pretty specific. While it’s true that the “inventory” of homes for sale in the Cedar Rapids-Marion area is low, not all homes are created equal.
According to statistics from the Cedar Rapids Area Association of Realtors homes up to $179,999 are in low supply of buyer demand. Experience still tells us that even with a low inventory today’s buyers prefer “move-in” ready homes. Even investor clients who purchase low-priced homes to “flip” (make improvements and resell for a higher price) are also being challenged to pick up a deal in this low inventory market.
In my opinion, the truth is, not all homeowners should expect a feeding frenzy for their home. Those valued at a range of $180,000 to $249,999 have healthy competition, and homeowners in the $250,000 and up range may be surprised to find that it may take 4-6 months to sell their homes; these sellers fall into a market that competes with new construction, as well as a more limited number of buyers who qualify to purchase their home.
My point is, if you are thinking about selling your home, don’t assume it will match with what you are hearing about at the national level or even local discussions with your coffee group. There are numerous factors that go into preparing and pricing a home for optimum sale price in a reasonable amount of time.
Make an appointment with a well-trained and experienced local REALTOR® to help you learn the facts. Contact the Brockette Homes team; we are eager to help you understand the market value of your home and determine the best strategy for selling it.