A March survey by Realtor.com suggests that sellers may have trouble suppressing that instinct. The vast majority of potential sellers surveyed — 81 percent — said they expect to get their asking price or more when they decide to list their home.
Yet Zillow’s latest housing report found that 23 percent of listings received a price cut in March — the highest share on record for any March since 2018 — indicating that the original asking price was too high.
If the market remains on its current trajectory, sellers looking for a speedy sale may have to price lower than they’d like — or be willing to reduce prices later if buyers aren’t biting.
via Real Estate News
Is your house on a Buyer’s Wish List this holiday season?
This time every year, homeowners who are planning to move have a decision to make: sell now or wait until after the holidays? Some sellers with homes already on the market may even remove their listing until the new year.
But the truth is, many buyers want to purchase a home for the holidays, and your house might be just what they’re looking for.
“ While a majority of people take a step back from the real estate market during the holiday months, you may find when the temperature drops, your potential for a great real estate deal starts to rise,” according to Fortune Builders.
To help prove that point, here are four reasons you shouldn’t wait to sell your house.
1. The desire to own a home doesn’t stop during the holidays. While a few buyers might opt to delay their moving plans until January, others may need to move now because something in their life has changed. The buyers who look for homes at this time of year are usually motivated to make their move happen and are eager to buy.
“Anyone shopping for a new home between Thanksgiving and New Year’s is likely going to be a serious buyer,” reports Investopedia. “Putting your home on the market at this time of year and attracting a serious buyer can often result in a quicker sale.”
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Selling your home? Put these tasks on your ‘to-do list’
Getting ready to sell your home can feel like a whirlwind. There are so many things to do, and while you’re likely to check all the major tasks off your to-do list — like cleaning and getting your listing photos taken — there are some smaller tasks that might fall through the cracks. But those small to-do’s can actually make a big difference in your home sale, so it’s important not to forget them. For example:
Account for improvements and issues. If you’ve made any improvements to your home (like installing a new roof or HVAC) or had to fix any issues (like like a clogged sewer line), make sure to list them all out. When you sell your home, it’s important to disclose those things to the buyer; not only will the improvements make them feel better about their home purchase, but disclosing the issues — and how you fixed them — can help you avoid potential liability after the sale.
Make sure the doorbell rings. If you don’t use your doorbell regularly, do a quick check and make sure it’s functional and that it actually rings when someone uses it. Most buyers (or at least their agents) will press the doorbell before just walking into the house, and if it’s not working, it could make them think that other things in the house won’t work either. (Not the best first impression!)
Clarify what items are not included. Technically, anything that is bolted to the walls or ceiling is included in the home purchase, unless the contract states otherwise. As such, you want to be crystal clear from the get-go about what’s not included in your listing; otherwise, a potential buyer might fall in love with your custom chandelier, and might walk away from the deal when they find out you’re taking your light fixture with you to your new home.
And, of course, it should go without mentioning, but there’s no substitute for a good, thorough cleaning to create an aroma that will appeal to any and all buyers.
Selling your home? Watch out for these stressors
There are a lot of moving parts when it comes to selling your home — and for many sellers, those moving parts can cause a good amount of stress. But what are the most stressful parts of the home selling process? According to a survey from LendingTree, some of the top stressors for home sellers include:
- Buying and selling a home at the same time. 29 percent of home sellers surveyed named trying to buy a new home at the same time as trying to sell their current home as the biggest stressor in the home selling process.
- Making costly repairs or upgrades. Depending on the condition of your home, you may need to shell out some cash on repairs or upgrades before you list—a process that 16 percent of buyers said was the most stressful part of the home selling process.
- Fearing the home won’t sell. Even though a lack of inventory is making the market more favorable for sellers, 15 percent of sellers surveyed said that the fear their home won’t sell was the most stressful part of the home selling process.
- Balancing advice from multiple sources. Your friends, family, and neighbors might mean well when they share advice on what you should and shouldn’t do during the home selling process—but 13 percent of those surveyed said fielding advice from multiple sources was the most stressful part of selling their home.
So, what does this mean for you? If you’re stressed out about selling your house, you’re not alone. In fact, it’s normal. But, the more you know about the potential stressors of the home selling process, the better prepared you can be to deal with those stressors — and the less stressful your home sale will be as a result.
Check out my resources for home sellers — you’ll find everything you need to navigate the home selling process.
The one aroma to help sell your house quickly
True or false? When you’re selling your home, you should bake cookies before a showing or an open house. After all, who doesn’t like the smell of freshly baked cookies? Well, it isn’t like you can Betty Crocker your way to a sale, let alone at the highest price possible. Your entire house still needs to be appealing.
A batch of cookies isn’t going to hide bad odors enough or divert people’s attention from a messy house that needs repairs. Nor will a cookie-scented candle or plug-in air freshener.
In fact, some candles and plug-in fresheners can actually turn a buyer off — and may trigger curiosity about what odor the seller is trying to hide. However, there is one smell that will help your house sell… It’s called “clean.”
When you’re selling your house, there’s no substitute for a good, thorough cleaning to create an aroma that will appeal to any and all buyers. Whether you do it on your own, or hire a professional cleaning service, giving your house a good deep cleaning before (and while) your house is on the market is one of the most important things you can do.
Selling your house this Summer? Hiring a pro is critical
It can be tempting, especially with how hot the housing market has been over the past two years, to consider selling your home on your own. But today’s market is at a turning point, making it more essential than ever to work with a real estate professional.
Not only will a trusted real estate advisor keep you updated and help you make the best decisions based on current market trends, but they’re also experts in managing the many aspects of selling your house. Here are five key reasons why working with a real estate professional makes sense today.
1. A professional follows the latest market trends
With higher mortgage rates, rising home prices, and a growing number of homes for sale, today’s housing market is showing signs of a shift back toward more pre-pandemic levels. When conditions change, following the trends and staying on top of new information is crucial when you sell.
That makes working with an expert real estate advisor critical today. They know your local area and follow national trends too. More importantly, they’ll know what this data means for you, and as the market shifts, they’ll be able to help you navigate it and make your best decision.
2. A professional helps maximize your pool of buyers
Your agent’s role in bringing in buyers is important. Real estate professionals have a large variety of tools at their disposal, such as social media followers, agency resources, and the Multiple Listing Service (MLS) to ensure your house is viewed by the most buyers. Investopedia explains why it’s risky to sell on your own without the network an agent provides:
“You don’t have relationships with clients, other agents, or a real estate agency to bring the largest pool of potential buyers to your home. A smaller pool of potential buyers means less demand for your property, which can translate into waiting longer to sell your home and possibly not getting as much money as your house is worth.”
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Why an agent is essential when pricing your home
When it comes to pricing your home, there’s a lot to consider. The only way to ensure you price it right is by partnering with a local real estate professional. To find the best price, your agent balances current market demand, the values of homes in your neighborhood, where prices are headed, and your home’s condition.
Don’t pick just any price for your house. If you’re ready to sell, let’s connect to find the perfect price for your house.
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Key terms in today’s housing market
The language of buying and selling a home may sound scary at first, but knowing how key terms relate to today’s market can help you. For example, current low mortgage rates and higher wages positively impact affordability for buyers, while home price appreciation continues to grow home equity, which sellers can use to fuel a move up.
Terms like appraisal (what lenders rely on to validate a home’s value) and contingencies (which buyers can minimize to make their offer stand out) directly impact the transaction.
You don’t need to be fluent in the language of the market to buy or sell. Instead, let’s connect today so that we can translate the process together.
What to expect as appraisal gaps grow
In today’s real estate market, low inventory and high demand are driving up home prices. As many as 54 percent of homes are getting offers over the listing price, based on the latest Realtors Confidence Index from the National Association of Realtors (NAR). Shawn Telford, Chief Appraiser at CoreLogic, elaborates:
“The frequency of buyers being willing to pay more than the market data supports is increasing.”
While this is great news for today’s sellers, it can be tricky to navigate if the price of your contract doesn’t match up with the appraisal for the house. It’s called an appraisal gap, and it’s happening more in today’s market than the norm. According to recent data from CoreLogic, 19 percent of homes had their appraised value come in below the contract price in April of this year. That’s more than double the percentage in each of the two previous Aprils.
The chart below uses the latest insights from NAR’s Realtors Confidence Index to showcase how often an issue with an appraisal slowed or stalled the momentum of a house sale in May of this year compared to May of last year.
If an appraisal comes in below the contract price, the buyer’s lender won’t loan them more than the house’s appraised value. That means there’s going to be a gap between the amount of loan the buyer can secure and the contract price on the house.
In this situation, both the buyer and seller have a vested interest in making sure the sale moves forward with little to no delay. The seller will want to make sure the deal closes, and the buyer won’t want to risk losing the home. That’s why it’s common for sellers to ask the buyer to make up the difference themselves in today’s competitive market.
Infographic: Is now the right time to sell?
If you’re on the fence about selling your house, now is a great time to take advantage of sky-high demand, low supply, and fierce buyer competition. With buyer demand rising and historically low inventory for sale, if you’re in a position to move, your house may really stand out from the crowd.
Let’s connect today to get your listing process underway.
