Here are four tips to help you successfully sell your home this year.
While it’s definitely a tricky time to buy a home right now, it’s a great time to sell one. If you’ve been thinking about listing your house this year, be sure to keep these four points in mind:
1. Don’t wait for mortgage rates to get too high. Though mortgage rates are higher right now than they were at any point in 2021, they’re still fairly low from a historical perspective. However, that could change as the year moves along. If rates continue to rise, buyers may become more hesitant to purchase homes. Once that happens on a national scale, property values could start to fall. It’ll pay to list your property sooner rather than later.
2. Keep tabs on your competition. Inventory might be low in your area, but that could change as the year progresses. The more competition you have, the harder it will be to find a buyer who is willing to pay the price you want. That’s why you should pay attention to the volume of listings in your area; if you see an uptick, you may want to consider putting your home on the market before you get any more competition. At the same time, be mindful of how competing homes are priced, since you don’t want yours to be the most expensive listing in the neighborhood (unless there’s an obvious reason for it).
“Working with an agent will make the process of selling your home less stressful.”
3. Invest in repairs over upgrades. You may be tempted to update your home before listing to attract more buyers, but here’s the thing about updates: You rarely get your full investment back. If you spend, say, $15,000 to redo parts of your kitchen, that might result in an extra $10,000 in resale value, but your chances of getting your full investment back are slim. Focus on home repairs instead of updates; you’ll almost always get your money back for those.
4. Partner with a real estate agent who knows your neighborhood. Since buyers have been clamoring for homes, you may be inclined to sell the property yourself rather than work with a real estate agent. That way, you can avoid paying commission on the sale of your home, right? With mortgage rates climbing, you may want to team up with a knowledgeable agent who can help you market your home appropriately to get you the most money possible. Plus, working with an agent could make the process of selling your home less stressful, especially if you work full time.
Following these four tips will help you increase your chances of having a smooth, lucrative sale. If you have any questions about selling your home in this market, don’t hesitate to give us a call or send us an email. We look forward to hearing from you.
