What Homeowners Want To Know About Selling in Today’s Market
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 it's not at the peak intensity we witnessed during the pandemic. This proves that you didn't miss your window. 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.”
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 modern vendors to take into account.
Being Willing To Bargain
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 total inventory is still low, buyers today have more choices, which gives them greater negotiating power.
As a seller, this means that you might see more buyers today asking for assistance with closing costs, getting an inspection, 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 Home's Price at Market Level
Not only has the quantity 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 purchasers. 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 it and lose out on potential buyers. Another situation where an agent's knowledge is useful is in this one.
Consider your customers' first impressions.
Given that it costs more to purchase a home nowadays given mortgage rates, buyers have more options and are more picky about their investment. You must therefore ensure that your home presents effectively. 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 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 up
To summarize, if you're realistic about the market today, your house should still sell today and do so swiftly. According to a press release from Zillow: