A new year offers the chance for fresh experiences. If you're thinking about moving and that speaks to you, you're probably torn between a sense of anticipation for your new house and a sense of attachment to your existing one.
Following these three best practices is a wonderful approach to reduce some of those feelings and make sure you're feeling confident in your choice.
In 2022, the housing market changed as mortgage rates increased, buyer demand decreased, and the number of available homes increased. As a seller, you should be aware that times have changed and price your home fairly in light of the current state of the market. 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 run the risk of scaring away buyers if you overprice your home. Furthermore, if you set your price too low, you'll be passing on money. Your optimum asking price can be helped to be determined with the assistance of an experienced real estate agent.
Homeowners are staying in their homes longer today. The average period a homeowner has owned their home has climbed from 5 to 10 years since 1985, according to the National Association of Realtors (NAR) (see graph below):
This exceeds the historical average by a number of years. However, a negative side effect of being in one area for so long is that you could get even more sentimentally tied to your home. If this is your first home or the place where your loved ones were raised, it most likely holds extra particular significance for you. Every space holds memories, and it might be difficult to separate yourself from the sentimental significance.
For some homeowners, that makes it even harder to negotiate and separate the emotional value of the house from fair market price. That’s why you need a real estate professional to help you with the negotiations along the way.
While you might adore your furnishings and the ways you've personalized your house over the years, not every buyer will share your enthusiasm for your style. To ensure that your property appeals to as many potential buyers as possible, it is crucial to pay close attention to the first impression it makes. As per NAR:
“Staging is the art of preparing a home to appeal to the greatest number of potential buyers in your market. The right arrangements can move you into a higher price-point and help buyers fall in love the moment they walk through the door.”
Buyers want the room to feel completely like their own so that they can picture themselves living there. Instead of seeing your photos and decorations, they need to see themselves inside with their furnishings and mementos. You can obtain advice from a real estate expert on how to prepare your home for sale.
Let's connect if you're thinking about selling your home so you can get the support you need to work through the process while giving these best practices a priority.