Thinking about Selling your Real Estate ?

Seven years after the housing market began to collapse, rising prices and thinner inventories are presenting new opportunities for home sellers. Some hot markets are even seeing multiple offers for the same property—a phenomenon rarely seen since the boom years—as buyers become more confident and seek to take advantage of today's near-record-low mortgage rates. Home prices nationally climbed 8.3% in December from the same period a year earlier, according to CoreLogic, CLGX +2.61%a real-estate analytics company. The increase was the largest since May 2006 and the 10th consecutive monthly gain. The CoreLogic figures include foreclosures and other distressed sales. "You will unambiguously see more people test the water," says Thomas Lawler, an independent housing economist in Leesburg, Va. He expects home prices to rise another 3% this year. Thinking about selling? You are likely to find a buyer more quickly and at a better price if you factor in local market conditions and recent sales before setting an asking price, burnish your home's Internet profile and plan ahead for a home appraisal. Acting soon may pay off as well. While trends vary by region, buyer search activity generally peaks in March and April, while seller listings peak in July, says Jed Kolko, chief economist at real-estate website Trulia.com. "Most sellers would be better off if they pushed the process up a couple of months," he says. Sellers could face headwinds if mortgage rates jump or the economy weakens, while the supply of homes for sale is likely to increase over the next few months, creating more competition, say real-estate agents. Don't expect to make a killing. Even after the recent gains, home prices remain about 27% below their 2006 highs, according to CoreLogic. In some markets, prices remain so low that selling is likely to prove painful—unless you are looking to buy a more expensive home at a discount. Still, in many markets, sellers have more of an edge than they have had in years. One big reason: The number of existing homes on the market dropped to 1.74 million in January, down 25% from a year earlier and the lowest level since December 1999, according to the National Association of Realtors. Houses are also selling faster. The median number of days on the market for homes in January was 71, according to the Realtors group, meaning half of all homes sold within that time. That's down from 99 days one year ago. "I feel more confident, even if prices aren't at the height they were six or seven years ago," says Ms. Tolli, who has set a $1.2 million asking price for the five-bedroom waterfront property. That is more than it would have fetched a year or two ago, she says, but still well below its peak value of more than $2 million. If you are thinking of making a move, start by assessing conditions in your local market...focuse on five measures: price changes, the inventory of homes for sale, competition from foreclosures, the average time it takes a home to sell and the gap between selling prices and list prices. But sellers shouldn't be complacent. Here are some steps to consider: 1. Interview multiple agents. Some people prefer to handle the selling process themselves. But if you plan to use a real-estate agent, start by interviewing several contenders. Narrowe your search to agents who have handled many sales in your neighborhood. They are likely to have the best view of local market conditions and can better assess what your home may sell for and how it should be marketed. 2. Adjust your sights to today's market. Set aside what you home might have fetched in 2006 and focus instead on what homes are selling for today. 3. Don't overreach. Given today's thin inventories, it is tempting to reach for the stars. But if you get greedy and set the price too high, you are likely to wind up in a downward spiral. "You are going to have your largest viewing audience in your first days on the market, when the house is the newest product on the shelf," says Lloyd Fox, a broker at Long Realty in Scottsdale, Ariz. If the price is too high, buyers and agents are likely to relegate your listing to the sidelines. Properly priced homes are likely to get eight to 10 showings their first week on the market and an offer soon after, Mr. Fox says. If not, "you have missed the market" and it's likely a price cut is in order, he adds. 4. Weigh multiple offers carefully. In cases of multiple bidders, you should focus not just on price, but also on terms. In comparing two competing bids at similar prices, Realtor recommends choosing the buyer who is putting down more cash or is willing to forgo an inspection, since those deals are likely to close sooner and with fewer hassles. 5. Clean up your act. Even in a market where inventories are thin, a home isn't likely to sell if it looks shabby or crowded. At a minimum, you'll need to touch up the paint, clean the carpet and pare your possessions. ** A version of this article appeared February 2013, in the U.S. edition of The Wall Street Journal.(LinkedIn) Think of Selling or Buying real estate in South Florida? Allow us to serve your Real Estate Needs. All the Best, Esperanza Franky "espie" Realtor Member of The Institute for Luxury Home Marketing "Selling Miami Estates" team with One Premier International Realty Cell: 305.283.5868 Follow us via Twitter: @espiefranky Marketing Florida Real Estate at the Highest Level !