If you're considering selling your home, you've probably heard about the housing market's cooling and are wondering what it means for you. We're still in a sellers' market, even though not with the same intensity we saw during the pandemic. This proves that you didn't miss your window of opportunity to sell. While some home sellers may lament that they missed their prime window, in reality, this is still a great time to sell. In fact, according to a recent seller survey, 95% of sellers who sold their homes 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. Being realistic and working with a reliable real estate advisor who can help you base your expectations on the current state of the market rather than where it was a few years ago are the keys to success today.
Here are a few things experts advise home sellers to take into account.
Be Willing to Negotiate
At the height of the pandemic frenzy, sellers had complete control because the number of available properties was at an all-time low and buyers were eager to engage in bidding wars. As the market has cooled this year, there are now more houses for sale. Although the total inventory is still low, buyers today have more choices, which gives them greater negotiating power.
As a seller, this implies that you might see more buyers today asking for assistance with closing costs, having inspections, or asking for repairs. You must be ready to engage in those discussions. According to Zonda's chief economist, Ali Wolf: “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.”
Set Your Price at the Market Level
Not only has the number of available homes increased this year, but also. A decrease in buyer demand has also been observed due to rising mortgage rates. Therefore, it's crucial to price your home correctly in order to attract the attention of potential 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 overcharge and turn away customers. However, you also don't want to undervalue your home. Another situation where an agent's knowledge and experience are useful is this one.
Buyer's First Impressions.
Given that it costs more to purchase a home today and a modest increase in home inventory, buyers have more options and are pickier about their investments. You must therefore ensure that your home presents well. To stand out in this volatile market, sellers should make their homes as attractive as possible to buyers. This means that as a seller you will have to make some selective updates.
This could involve anything from staging the house to carrying out improvements or small-scale cosmetic modifications. You can determine what could be worthwhile to do by comparing it to other recently sold homes in your neighborhood with the aid of a reliable real estate expert.
To sum it all up, your house should still sell today and do it quickly if you’re realistic about today’s market. Sellers need to do their work to make their homes attractive, catching the attention of active buyers — pricing their homes competitively and making their listings attractive to both online and offline home buyers.
For expert advice on how to sell your house in a shifting market, lean on Laura Larson now!