How to sell your home quickly
Study: Pace of home sales picking up
- Duration 3:46
- Date Aug 5, 2012
Study: Pace of home sales picking up
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A new report from REALTOR.com says home prices are picking up in most of the country.
So in today's take charge consumer protection segment we're talking about how you can sell your home quickly.
First take a look at the markets -- homes are selling the fastest Oakland California is on top followed by Denver Colorado Anchorage Alaska.
Fresno California and Bakersfield California but you don't live in one of these hot spots there are things you can do Sharia Ellison is a real estate and business attorney and the director of the Carnegie group thanks for being with us.
So morning -- and good morning to you mortgage rates are low and of course the seller and the -- benefit from that so that alone makes it a good time to sell right.
It isn't it time to sell but what we've got here -- the secret recipe it turns out is good old fashioned supply and demand.
Plus three new dynamics we really haven't seen before you know on the supply side.
Supply comes from several places new construction for new homes we know was down those -- you -- listings that bank owned properties we know are down because of the robo -- delays and frankly if you're -- regular good old fashioned seller you're holding out and terms of selling now also inventory is really down.
On the demand side we know we've had all that pent up demand for so long people sitting on the sidelines are moving out now.
But the big new dynamic here is those investors just investor frenzy in those areas because they know that more people need rentals.
They know that rental rates are going up 20% since the -- -- and 5% this past year alone.
There's no place else to get a good return on your investment.
The other two new really interesting dynamics are the banks in the GSC's which are finally getting those short sales moving along about 25% of these deals are short sales.
And we've got sellers who need to sell before that mortgage debt forgiveness act expires at the end of this year that's the act that allows them to not have to pay tax.
On the amount that's forgiven.
That is a very good point people trying to get in under that deadline a -- nationally the average rate their home stays on the market -- 84.
In those at top ten it's 48 days or less than when you look at those markets you might think that they're just.
Lowering their prices to sell quicker but in fact.
Four of those areas with the fastest sales are also in the top ten for the fastest growing median price of the others are in the top twenties so.
The secret to quicker sales is not lowering the price so what other advice would you have -- individually for folks looking to settle.
-- part of that dynamic is the fact that investors are bidding up these prices because the rental rates are going up so rather then.
Using comparable sales they're actually using the rental rates to decide what they can afford to pay for the property.
Average people like us who are looking to sell our homes especially if you're not in one of those markets.
A great resource is the national association -- realtors house logic dot com that's their consumer website.
Generally there are five steps the first is going to involve.
Knowing what you're up against so you really need to know the indicators for your specific area that's home prices and existing volume of sales.
And what your competition looks like in your neighborhood what buyers are gonna look like.
The second step is really to prepare your home and we know that first impressions really -- so you wanna look at curb appeal and what a -- gonna see when they first walked in your home.
Sights and smells -- really important.
Pet smells smoke or smells those kind of things are no no and anything that a liars gonna see that will prevent them from visualizing themselves living in your home is a bad idea you also need to prepare yourself emotionally.
Check with your bank had -- time if you wanna do a short sale choose the right realtor and remember that.
If you're selling your home in this market and you're not -- one of those locations selling have to be an active process to you have to constantly be staying on top of what buyers are saying and readjusting and keep your expectations realistic.
All right Sherry -- -- some great advice for a thanks very much.