If you’re thinking about selling your house, you’re likely hearing about the cooling housing market and wondering what that means for you. While it’s not the peak intensity we saw during the pandemic, we’re still in a sellers’ market. That means you haven’t missed your window. Realtor.com explains:
“. . . 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 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.
As a seller, depending on your local market you may see more buyers choosing to complete inspections, submitting repair requests, or asking for help with closing costs. You need to be prepared to have those conversations, to negotiate. As Ali Wolf, Chief Economist at Zonda, says:
“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
It’s not just that the number of homes for sale has grown this year. Buyer demand has also pulled back considering the higher mortgage rates. As a result, pricing your house appropriately right at the start is extremely important so you can catch the eyes of serious buyers. Greg McBride, Chief Financial Analyst at Bankrate, 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 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
Buyers have more options and are more particular about their purchase as it costs more to buy a home given today’s mortgage rates. As a result, you need to make sure your house shows very well. As an article from realtor.com says:
“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.
In the end, your house should still sell today and move quickly if you’re realistic about today’s market situation. 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.