If you have selling your house and transitioning to a new home on your agenda this year, you’re likely experiencing a blend of anticipation for the future and a hint of nostalgia for your current abode.
To ensure you navigate this process with confidence, consider adhering to these three best practices when the time comes to sell:
1. Determine the Right Listing Price
The real estate landscape underwent changes in 2023, with mortgage rates increasing and housing price growth stabilizing. As a seller, it’s crucial to acknowledge the significance of pricing your property correctly, taking into account the current market conditions. According to Hannah Jones, an Economic Research Analyst at Realtor.com, explains:
“Sellers need to become familiar with their local market and work closely with a local agent to make sure their listing is attractive to buyers. Buyers feeling the pressure of affordability are likely to be pickier, so a well-priced, well-maintained home is the ticket to drumming up big demand.”
Setting the price of your house too high may discourage potential buyers while pricing it too low means you might not realize its full value. A seasoned real estate agent can assist in pinpointing the optimal asking price, ensuring your property sells swiftly and at a premium.
2. Manage Your Emotions
Current trends show that homeowners are prolonging their stays in their residences compared to previous years. According to data from the National Association of Realtors (NAR), the average duration of homeownership has extended from 6 to 10 years since 1985 (refer to the graph below):
This duration significantly surpasses previous norms. However, a consequence of extended residency is the potential for deeper emotional attachment to your living space. Whether it’s your inaugural home purchase or the residence where your family has flourished, it likely holds profound sentimental value. Each room is laden with memories, making it challenging to detach emotionally.
For some homeowners, this emotional bond complicates the separation of sentimental value from the fair market price. Hence, relying on a real estate professional for negotiation assistance and optimal pricing strategies becomes crucial. Place your trust in professionals who prioritize your best interests.
3. Ensure Effective Home Staging
While you may cherish your personalized décor and the evolution of your home’s aesthetics over the years, not every prospective buyer will share your sentiment. Therefore, emphasizing your home’s initial impression is paramount to appealing to a broad spectrum of buyers.
Buyers seek to envision themselves within the space, envisioning their furniture and belongings rather than your personal photos and embellishments. As Jessica Lautz, Deputy Chief Economist and Vice President of Research at NAR, says:
“Buyers want to easily envision themselves within a new home and home staging is a way to showcase the property in its best light.”
A real estate professional can offer valuable expertise in preparing your house for sale.
Bottom Line
If selling your house is on your agenda, don’t hesitate to contact us. We can guide you through the process while focusing on these essential tasks.
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