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Cooling Housing Market, Wondering About Selling Your Home

“. . . 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® 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 being realistic and working with a trusted real estate advisor who can help you set your expectations based on where the market is now, not where it was over the past few years or even a few months ago.

Today’s sellers need to consider a few things to be successful.

Willingness to Negotiate

At the peak of the pandemic frenzy, sellers held all the leverage because inventory was at record lows and buyers were willing to enter bidding wars over homes that were available. Over the past several months, the supply of homes for sale has increased as the market cooled. Even though inventory is still low overall, buyers today have more options, and with that comes more negotiation power.

“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.”

Market Value Pricing of Your Home

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 overprice your house and deter buyers. At the same time, you don’t want to underprice your home and leave money on the table. Be sure to connect with your local trusted agent as their expertise comes in handy.

Critical First Impression of Your Home

To stand out in the market, sellers should make their home attractive to buyers, which usually means some selective updates.”

Does your house need updates or maintenance repairs done?  You may want to consider staging the home or making small cosmetic updates. Be sure to tackling any repairs and thoroughly clean the inside and outside of your property. Your trusted real estate professional will help you assess what may be worthwhile to do compared to other recently sold homes in your local area.

Bottom Line

. . . 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.”

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