How to Buy or Sell a Home During the Current Competitive Market in Benicia
Is this your year to finally buy or sell Benicia real estate? The market has been incredibly hot in this area in the past year, and home prices have soared while inventory has dropped. This means different things to buyers and sellers, but it doesn’t mean that either group can’t still experience success when they are ready to make a move. If you're ready to buy or sell a Benicia home, this guide will help you make solid decisions.
The Best Time to Sell
Looking for the best time to sell Benicia real estate? Housing trends show that August is the best month to sell as homes typically sell for 4.25% more during this month compared to the yearly average. If you’re looking to sell your home quickly, research shows that homes in this area sell the fastest in April and the slowest in March. The least lucrative time to sell? Statistical trends say January is the worst month to sell, with homes going for 7.41% less than the yearly average. On average, homes take around three months to close. If you want to make sure yours sells in August, now is the time to list it.
In addition to selling your home during the right time of year, you should also consider the current Benicia real estate market. The Benicia area is experiencing a very competitive seller’s market
, with homes selling for an average of 3% above the listing price and in an average of 23 days. This means it’s an excellent time to sell your home as there are more interested buyers than inventory on the market, leading to higher selling prices and less time on the market.
The Best Time to Buy
The best time to buy a home is a more complicated subject. While inventory may be low during the winter months, prices tend to be lower. Spring is a popular time
to list and buy, which means more homes on the market but increased competition among buyers. As noted above, the Benicia area is currently experiencing a seller’s market, which means it may be challenging to find a home you love and, if you do, you may end up in a bidding war with other interested buyers. However, this should not dissuade you from buying houses for sale in Benicia is the time is right for you. When you work with an experienced real estate agent with access to off-market listings
and a strong connection of fellow Realtors® and others in the real estate industry, you still have a good chance of finding a home that’s the right fit.
Tips on Successful Selling of Benicia Real Estate
Ready to sell your Benicia home? Follow these tips to increase your chances of success:
- Work with an experienced Benicia real estate real estate agent. Yes, you will pay a fee for using the services of a real estate agent, but it’s well worth it. Not only will a Realtor® help you price your home correctly by doing a comparative market analysis, but he or she will also assist with marketing your home, identifying potential buyers, and will guide you through the entire selling process.
- Have your home professionally staged. Houses for sale in Benicia that have been professionally staged will sell faster and for more money than those that are not. If you’re not comfortable having a stager in your home, you can also choose virtual staging that utilizes a computer program to virtually add furniture and décor to your online tour or images.
- Market your home online. More than ever, prospective buyers find the homes they are interested in online and narrow down their options to just a few they will see in person. Ensure you stay ahead of the competition with quality images and videography, a robust social media ad campaign, and effective lead management.
- Invest in curb appeal. Whether buyers are first viewing your home online or in person, the first thing they will likely see is your lawn and front porch. Invest in tidying up your yard, making repairs or improvements on your porch, and adding some vibrant flowers or plants to up your curb appeal.
Tips on Successful Buying of Benicia Real Estate
Though you may face more competition for homes in this market, you can still find and buy the home of your dreams when you use these tips:
- Work with an experienced Benicia Realtor®. Unlike sellers, buyers will not pay anything to work with a professional real estate agent. An agent can help you find homes that meet your criteria, help you craft the perfect offer, and direct you through the buying process.
- Get pre-approved. Before you begin looking at houses for sale in Benicia, you need to get pre-approved for a mortgage. Pre-approval is fast and easy and will tell you what you will qualify for once you apply for a mortgage and show sellers that you are serious about making an offer. Some sellers will not even schedule a showing or accept an offer from buyers who aren’t pre-approved.
- Be prepared to act quickly. In this type of market, taking a day or two to think about making an offer on houses for sale in Benicia can mean losing the home of your dreams. Be ready to make a quick offer by being pre-approved, having all your paperwork in order, and knowing the top limits of what you can offer should a bidding war occur.
- Be willing to make some sacrifices. Perfection is the enemy of homebuyers in this type of market. Know what you can’t compromise on (such as a specific number of bedrooms or neighborhood) and rank your wish list items from most to least desired. Remember, you can always do renovations after you buy to make your home match all of your wishes.
If you’re ready to buy or sell Benicia real estate, follow the above tips to ensure you have a successful transaction. Reach out to professional Benicia Realtors® like those at Ridge Real Estate Group to help guide you through the process.