Sharing three key insights every home seller needs to know in this market.
It’s no secret that the housing market is constantly changing. What might have been good advice for home sellers two years ago no longer applies, so if you’re still operating on old logic, it could hurt your sale. That’s why today, I’m sharing three things you need to know to sell your home in today’s market:
1. It’s still a seller’s market. There’s still a shortage of supply, with less than two months’ worth of inventory. This means that if no new homes were listed, the current pace of sales would clear all of the listings within two months. Therefore, this market strongly favors sellers, as a balanced market typically has around six months of supply. This means that sellers can still demand high prices but they should be cautious not to overprice their homes.
2. Buyers are picky about prices because of higher rates. While you can still get a great price for your house, it’s essential not to go too far. This is where the advice of an experienced real estate agent becomes invaluable. They possess the skills and knowledge to accurately assess the market and guide you in setting the appropriate price. Remember, our role as agents is to market your house effectively, and pricing is a vital aspect of that strategy.
3. Condition is key. When the market was crazy, buyers were willing to overlook certain flaws. However, with the current higher rate environment, buyers expect move-in readiness. Considering the low supply and the prominence of new construction in the market (approximately 50% of available homes), it’s likely that potential buyers will be coming from sparkling new construction communities, so they expect your home will meet similar standards. Therefore, it’s crucial to present your house in the best possible light. Consider investing in necessary improvements such as painting, replacing carpets, and ensuring overall cleanliness.
You can still get a great deal for your home, but you need to work with an expert who knows the current market. Don’t hesitate to call or email me if you have any questions, and I look forward to hearing from you!