If you want to sell your house, you may have heard that the housing market is slowing down and wondered what that means for you. Even though it’s not as bad as it was at the height of the pandemic, it’s still a sellers’ market. That means you still have a chance.
“. . . 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.”
Being realistic and working with a qualified real estate expert may help you set expectations based on the current market, not the past.
Experts suggest today’s vendors should consider these items.
Be Willing To Negotiate
At the peak of the pandemic fear, sellers had all the power because the number of homes for sale was at a record low and buyers were willing to go into bidding wars for the few homes that were still on the market. This year, there are more homes for sale than last year because the market has slowed down. Even though the overall number of items for sale is still low, buyers now have more options, which gives them more negotiating power.
As a seller, this means that more buyers may get an inspection, ask for repairs, or ask for help with closing costs today. You need to be ready for those kinds of talks. Ali Wolf, Zonda’s Chief Economist, says:
“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 your price to be too high and turn people away. At the same time, you don’t want to sell your home for less than it’s worth and lose money. This is another area where the knowledge of an agent is useful.
Think About Your First Impression on Buyers
Today’s higher mortgage rates provide buyers more alternatives and make them more selective. You must exhibit your house well.
To stand out in the market, sellers should make their home attractive to buyers, which usually means some selective updates.”
This could mean anything from putting the house in its best light to making small cosmetic changes, fixing things, or doing renovations. A reliable real estate agent can help you figure out what might be worth doing based on what other recently sold homes in your area have done.
To sum it all up, your house should still sell today and move quickly if you’re realistic about today’s market. As a press release from Zillow puts it:
“. . . 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 quickly sell your house in a shifting market, let’s connect.