3 Best Practices for Selling Your House This Year

3 Best Practices for Selling Your House This Year

A new year brings new opportunities for new experiences. If that rings true for you because you're thinking about moving, you're probably torn between excitement for your new home and attachment to your current one.

Keeping these three best practices in mind is a great way to alleviate some of those emotions and ensure you're confident in your decision.

1. Correctly Pricing Your Home
In 2022, the housing market shifted as mortgage rates rose, buyer demand eased, and the number of available homes increased. As a seller, you should recognize that things have changed and price your home appropriately based on where the market is now. Bankrate's Chief Financial Analyst, Greg McBride, explains:

“Price your home realistically. This isn’t the housing market of April or May, so buyer traffic will be substantially slower, but appropriately priced homes are still selling quickly.”

If you overprice your home, you risk scaring away potential buyers. And if you go too low, you're throwing money away. An experienced real estate agent can assist you in determining your ideal asking price.

2. Maintain Control of Your Emotions
Homeowners are staying in their homes for longer periods of time these days. Since 1985, the average time a homeowner has owned their home has increased from 5 to 10 years, according to the National Association of Realtors (NAR) (see graph below):

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This is several years longer than the historical average. However, staying in one place for so long may cause you to become even more emotionally attached to your space. If it's your first home or the home where your loved ones grew up, it's very likely extra special to you. Every room holds memories that are difficult to separate from their sentimental value.

For some homeowners, this makes negotiating and separating the emotional value of the home from the fair market price even more difficult. That is why you need a real estate professional to assist you with the negotiations.

3. Properly Stage Your Home
While you may adore your decor and how you've personalized your home over the years, not all buyers will share your enthusiasm for your design. That is why it is critical to focus on your home's first impression so that it appeals to as many buyers as possible. According to NAR:

“Staging is the art of preparing a home to appeal to the greatest number of potential buyers in your market. The right arrangements can move you into a higher price point and help buyers fall in love the moment they walk through the door.”

Buyers want to imagine themselves in the space so that it truly feels like theirs. They must see themselves inside, with their furniture and keepsakes, rather than your pictures and decorations. A real estate professional can provide you with advice on how to prepare your home for sale.

In conclusion
If you're thinking about selling your home, contact a local real estate professional to help you navigate the process while focusing on these best practices.

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