What Homeowners want to know about selling in Today's Market?

If you're thinking about selling your home, you're likely hearing about the cooling housing market and wondering what that means for you.

The key to success today is being realistic and setting your expectations based on where the market is now, not where it was over the past few years.

Here are a few things you need to consider:

Be Willing To Negotiate:

At the peak of the pandemic frenzy, sellers held all the leverage because inventory was at record lows and buyers were willing to enter bidding wars over homes that were available. This year, the supply of homes has increased as the market cooled. Buyers today have more options, and with that comes more negotiation power. As a seller, that means you may see more buyers requesting contingencies, pointing out repairs, or asking for help with closing costs. You need to be prepared to have those conversations.

Price Your Home At Market Value:

It’s not just that the number of homes for sale has grown this year. Buyer demand has also pulled back in light of higher mortgage rates. As a result, pricing your house appropriately so you can catch the eyes of serious buyers is important. You don’t want to overreach with your price and deter buyers. At the same time, you don’t want to undervalue your home and leave money on the table. Here is a recent video I made on pricing in a shifting market.

Think About Your First Impression on Buyers:

Buyers have more options and are more particular about their purchase since it costs more to buy a home given today’s mortgage rates. As a result, you need to make sure your home shows well. This could include everything from staging the home, to making small cosmetic updates, tackling repairs, or undergoing renovations. Keep in mind a buyer will typically calculate a repair to cost three to five times more than if you completed the work yourself prior to sale.

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