Good Information for Home Sellers to Know Right Now
Brent Wells November 30, 2022
Brent Wells November 30, 2022
Homeowners considering putting their homes up for sale have more than likely heard about the cooling housing market conditions over the past few months. If you are a homeowner looking to sell your home you may be wondering if this is a good time to sell or if you should put off your plans until inflation comes back around.
Though we are no longer at the peak levels of buyer competition intensity that happened during the middle of the pandemic it is still very much a seller's market right now. This means that it is still a good time to sell a home.
Realtor.com recently shared its perspective on the current real estate market and how sellers should look at it. They stated that current homeowners looking to sell homes may feel they have missed the prime selling window but it's still a great time to sell. A recent survey they conducted has shown that 95% of sellers who sold their homes over the past year still made a profit on the sale. But it is still a good time to adjust your selling strategy because it should not be the same as selling strategies from one year ago.
The key to us for the home sale right now is to be knowledgeable about the current way that homes are selling and to hire an expert local real estate agent with the most up-to-date knowledge.
During the height of the buyer competition in the middle of the pandemic when interest rates were unbelievably low sellers had the ability to conduct all of the decisions in a home offer. This was because there were multiple offers on the table, in some cases in the double digits. Currently, the supply of homes for sale has increased and the amount of buyers has cooled off a little bit. There are still more buyers interested in purchasing than there are homes for sale but this creates more of a balance toward negotiations with home sale contracts.
So expect to see more buyers sticking with traditional homebuying contract contingencies like inspections and appraisals. Like a request for help with closing costs or rate buy-downs.
No matter what the market conditions are a homeowner is smart to make sure they are pricing their home at fair market value. The right list price will always make or break a sale no matter what housing market you are in. Pricing your house appropriately will catch a buyer's eye, setting it too low will have them wonder if there's something wrong with the house, and setting it too high will have them move on to a more appropriate-priced property.
Even when there were hardly any options and buyers were changing their home search to fixers the homes that had great curb appeal were the ones that flew off the shelves. Right now as there is more inventory this gives buyers more choice between what is available to them and this brings them back to considering homes with a lesser amount of work or no work at all before they move in and start enjoying the home.
Showing your home in the best possible condition is always a smart strategy to get your home sold for its best price and as quickly as possible. Asking your real estate agent how you can prepare your home for listing is a great way to do this.
For more information on selling a home in Prosper Texas and surrounding areas please contact us anytime.
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