Should You Try To Sell in This Housing Market?

Putting a "for sale" on the lawn in this economy requires careful planning and a solid understanding of the market. It also means taking the good with the bad, according to a local real estate agent.

Real estate agent Brian Powers, who sells homes in New Baltimore, Chesterfield Township and surrounding areas for Keller Williams Realty, said residential properties are selling much faster than a couple of years ago.

The good news about the housing market: "It's really kind of bottomed out and stabilized," Powers said.

Much of that is related to banks making foreclosures less readily available, leaving less competition for standard listings.

"A couple of years ago there was such an overabundance of inventory," Powers said. "A lot of the low-hanging fruit is gone."

That also means that properly priced houses are selling much faster than they were a couple years prior, he said.

As an example, he listed a single-family ranch built about 10 years ago in the Ashley Farms subdivision near County Line for $165,000 on a recent Friday. By the next afternoon, an offer was made on the house for $3,000 above the listing price. Due to a price adjustment from an appraisal, the house sold for $163,000.

While the property moved off the market quickly, it also was sold for significantly less than what the original owner paid for the home. And that's a sacrifice sellers have to be willing to make in this economy in order to sell their house and, oftentimes, move into a bigger house that's also going for less than it would in a healthy market, he said. 

Common sellers in this market

• Move-up sellers: Residents looking to upgrade from starter homes. "They're kind of losing a little now to gain a little more in the long run on the back end," Powers said.
• Retired homeowners looking to move out of their homes for ones that require less maintenance. They're less willing to wait for the market to fully rebound.
  

What to consider before selling

• A good understanding of the market and what you can get for your home. "You got to be realistic with the market you're in," Powers said.
• Make sure your house is listed at the right price. "If you're overpriced...all you're doing is helping the properly priced houses sell," he said.

Houses in demand in Chesterfield and New Baltimore

• Newer-construction homes, typically those built from 1995 to present, he said.