What Homeowners Want To Know About Selling in Today’s Market
If you're considering selling your home, you've probably heard about the cooling housing market and are wondering what it means for you. While it isn't as intense as it was during the pandemic, we are still in a sellers' market. That means you didn't miss your chance. According to Realtor.com:
“. . . while prospective home sellers may lament that they missed their prime window, in reality, this is still a terrific time to sell. In fact, according to a recent Realtor.com® home seller survey, 95% of sellers who sold their home in the past year got more than they paid for it.
Nonetheless, some of the more prominent pandemic trends have changed, so sellers might wish to adjust accordingly to get the best deal possible.”
The key to success today is to be realistic and work with a trusted real estate advisor who can help you set your expectations based on where the market is now, rather than where it was in previous years.
Here are a few things experts say today’s sellers need to consider.
Be Willing To Negotiate
At the height of the pandemic frenzy, sellers had complete control because inventory was at an all-time low and buyers were willing to engage in bidding wars for available homes. As the market has cooled, the supply of available homes for sale has increased this year. Even though overall inventory remains low, buyers now have more options, which gives them more bargaining power.
As a seller, you may notice more buyers getting an inspection, requesting repairs, or requesting assistance with closing costs today. You must be prepared to have those discussions. According to Ali Wolf, Chief Economist at Zonda:
“Today’s market is different than it was just six months ago. . . Sellers that want the contract to move forward should be willing to work with the buyer. . . Consider helping with the closing costs or addressing many of the items on the home inspection list.”
Price Your Home at Market Value
Not only has the number of homes for sale increased this year. Buyer demand has also slowed as mortgage rates have risen. As a result, it is critical to price your home appropriately in order to attract serious buyers. 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.”
You don't want to overpay and turn off potential buyers. At the same time, you don't want to undervalue your property and lose money. This is another instance where an agent's knowledge comes in handy.
Think About Your First Impression on Buyers
Buyers have more options and are more picky about their investment because buying a home now costs more given today's mortgage rates. As a result, you must ensure that your home presents well. According to a realtor.com article:
“To stand out in the market, sellers should make their home attractive to buyers, which usually means some selective updates.”
This could include anything from staging the home to making minor cosmetic changes, repairing it, or renovating it. A reputable real estate professional will assist you in determining what may be worthwhile to do in comparison
To summarize, if you're realistic about today's market, your house should still sell today and quickly. According to a Zillow press release:
“. . . sellers need to do things right to attract the attention of these buyers — pricing their home competitively and making their listing attractive to online home shoppers.”
For expert advice on how to sell your house in a shifting market, lean on a local real estate professional.
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