Seller Advice in a Changing Real Estate Market
Times have definitely changed in the Real Estate Market over the past few years. We went from a regular and steady market, to a crazy multiple offer situation market, to a little bit of a volatile market, to an uncertain market. Real Estate Trends go up and down, and down and up but some of the tips for sellers in different markets continue to stay the same.
I have been in markets where prices have gone up and come back down. Interest rates have been higher and lower. We are now in a market of higher interest rates, and higher home prices. Sellers in today's market need to make sure every I is dotted and every T crossed prior to listing their home for sale. They also need a plan B if the first plan does not pan out within a timely manner.
First things first, get your home looking as good as possible. This means curb appeal, paint, cleaning, decluttering, staging, minor improvements if necessary etc.
Secondly - talk to a Realtor about a list price. The price is just as important as step one. If you price too high, no one will look. If you price too low, you will leave money on the table. Make sure you are pricing similarly to other homes that have sold in the neighborhood, and also within range of other listings. The market is not what it was. There will not be a bidding war at this time, unless you price too low. Some homeowners have tried pricing too low to encourage a bidding war, and it hasn't worked out well for them. It is best to price right from the start - to avoid having a longer marketing time.
Third - Talk to your realtor about pricing strategies. For example, some sellers are willing to pay buyers closing cost, a buyer's agent bonus, buyer's buy down points for a lower interest rate. At this point, with higher interest rates, sellers can save buyers lots of money, plus lower their payments if they offer to pay down the buyer's interest rate. I highly recommend this strategy. You want to offer Value to the buyers. Buyers are in shorter supply due to the cost of housing and interest rates. You can get the price you want by adding this value.
I have bought and sold several properties over the past 20+ years. Markets are constantly changing but the one constant is, the better the property looks, the faster it will sell. This is one key advantage you can have over other properties - make it look as good as possible!
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