If you’re considering selling your home, you’ve probably heard about the housing market’s cooling and are wondering what that means. We’re still in a sellers’ market, even if it’s not at the peak intensity we witnessed during the epidemic. This proves that you got your window.
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 sellers to take into account.
Being Willing To Bargain
At the height of the pandemic frenzy, sellers had complete control since 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, more houses are now for sale. Although total inventory is still low, buyers now have more choices, which gives them greater negotiating power.
As a seller, this implies that you could see more buyers today asking for assistance with closing expenses, having an inspection, or asking for repairs. You must be ready to engage in those discussions.
Set Your Home’s Price at Market Level
Not only has the number of available houses 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 to attract the attention of potential purchasers.
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 valuable is this one.
Make an Impression
Given that it costs more to purchase a home nowadays, given mortgage rates, buyers have more alternatives and are pickier about their investment. You must thus ensure that your home presents effectively.
This might involve anything from staging the house to carrying out improvements or small-scale aesthetic modifications. You can determine what might be worthwhile by comparing it to other recently sold homes in your neighborhood with a reliable real estate expert.