Reed Pirain is a real estate professional and founder of one of the larger agencies in the Greater Pittsburgh area. In the following article, Reed Pirain provides invaluable tips and insights tailored to those looking to make the most of Pittsburgh’s thriving seller’s market.
As the steel city’s real estate landscape continues to gleam in the fervor of a seller’s market, homeowners in Pittsburgh find themselves at the helm of a unique opportunity. The winds of real estate favor have shifted, and for those considering selling their homes, the time is ripe for strategic navigation.
The housing market in the United States remains competitive as the demand for homes and properties continues to outpace supply.
The shortage of homes in the United States has been sparking bidding wars and multiple offers, resulting in an all-time high median home price of $341,600. The prices of homes increased up to 19.1 percent from 2022, also a significant gain within the span of 1 year.
In the city of Pittsburgh alone, there are about 2,796 homes for sale, with prices ranging from $4.9k to $8.2 million.
Indeed, selling a home in a highly competitive market can seem impossible. However, with the right strategies, one can make their property truly stand out and attract many potential buyers.
Reed Pirain Discusses the Competitive Edge: Effective Home Selling Strategies
Understand the Local Real Estate Market
Before anything else, anyone looking to sell their home must develop their understanding of the local real estate market, especially regarding its current conditions and trends.
Take the time to look at active listings and research recent sales and market data to get an idea of the local competition. Learning about demographics as well as the demands and preferences of buyers can help a seller tailor their strategies accordingly.
Collaborate with a Trusted Real Estate Agent
Reed Pirain notes that no one knows the real estate landscape better than real estate agents. If a seller is finding it difficult to learn about the current market trends and conditions, finding a real estate agent will be a great help.
All agents are not one and the same, though, so aside from representing the best interests of the seller, it is crucial to seek a professional who is comfortable with the area, knows the nuances of the neighborhood, and is knowledgeable about the price differences of properties from street to street. Finding someone who has prior experience from selling similar properties is preferable.
Reed Pirain also points out that the knowledge and experience of a real estate agent could ultimately mean the difference between selling the home for the seller’s desired price or more.
Price the Home Correctly and Competitively
Most potential buyers know when a home is priced correctly or not. Reed Pirain explains that they, too, do their own due diligence and research beforehand.
It’s ideal to price the home realistically and competitively, based on recent sales in the neighborhood, current market conditions, and the property’s unique features. Overpricing not only deters potential buyers, but also causes the seller to lose a lot of money in the long run.
A home with a competitive or below-market price will generate the most interest and potential for numerous offers, creating a highly competitive climate around it. Once this happens, there is a high possibility that the home will be purchased at an optimal price.
Stage the Home to Enhance Appeal
Reed Pirain says that when viewing a home, about 90 percent of buyers find it difficult to envision themselves in an empty space. This is also why when it comes to a home that is full, decluttering, depersonalizing, and staging is critical. Sellers can do this themselves or hire a professional stager. Reed Pirain provides staging on several of his listings at no cost to the sellers.
Good staging allows sellers to show off a home’s features while diminishing flaws, turn weird spaces into usable ones, create an inviting mood, and make it look significantly better for photos. Most importantly, it enables buyers to easily imagine themselves in the space. Decluttering can also make the home feel larger.
In addition, 82 percent of buyers’ agents say that staging does help sell the home faster. 46 percent of buyers liked a staged living room, 43 percent for the master bedroom, and 35 percent for the kitchen.
Invest in Marketing
Reed Pirain explains that the home’s listing plays an especially important role in attracting potential buyers. Sellers should consider hiring a photographer that specializes in real estate to take high-quality photos of the home. These professionals know which features and attributes to highlight when capturing images.
The photos can be utilized in various channels such as property listings, social media, and print materials (flyers, brochures, posters, etc.) to help reach a wider audience of buyers and sell the home quicker.