If you’re thinking about
selling your house, you’re likely hearing about the cooling housing market and wondering what that means for you. While it’s not the peak intensity we saw during the pandemic, we’re still in a sellers’ market. That means you haven’t missed your window. Here are five reasons why it’s good to sell during the holidays instead of waiting.
One of the best reasons to list your home now is that you’re likely to come out on top if you’ve owned your home for any length of time. realtor.com
explains:
While prospective home sellers may lament that they missed their prime window, in reality, this is still a terrific time to sell. In fact, according to a recent realtor.com home seller survey, 95% of sellers who sold their homes in the past year got more than they paid for them.
Nonetheless, some of the more prominent pandemic trends have changed, so sellers might wish to adjust accordingly to get the best deal possible.
Supply Is Still Low
The number of homes for sale in Santa Barbara and the surrounding area is growing, but inventory is still low overall…which means it’s still a sellers’ market. And, one of the keys to selling success in today’s market is being realistic and working with a trusted real estate advisor who can help you set your expectations based on where the market is now, not where it was over the past few years. The agent who can help you do this is worth his or her weight in gold. Bad advice or not following your agent’s good advice likely won’t work in your best interest. But that’s not all. Here are a few other reasons experts say that today’s sellers need to consider.
The Buyers Looking for a New Home During the Holidays Are Serious
Most of us don’t want to move during the holidays. We’d rather be with friends and family. Here in Santa Barbara and the surrounding areas, it’s no different. Any buyers involved in a 1031 exchange need to identify their new home within 45 days of selling their previous property; they are on a time crunch. Others who may be changing jobs, expecting a baby, or moving into a senior community, may need to find a new home before the end of the year. As you can see, whether it’s for tax reasons, the need for a larger home, the need for a smaller home or they’ve changed jobs, life-changing events like these, continue to take place, even during the holidays.
Pricing Your Home at Market Value Delivers Results
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. The higher the mortgage rate, the more difficult is for buyers to qualify. There’re several tools for you as the seller to accomplish this. Greg McBride, Chief Financial Analyst at
Bankrate
, explains:
Price your home realistically. This isn’t the housing market of April or May, so buyer traffic will be substantially slower, but appropriately priced homes are still selling quickly.
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. This is another area where an
agent’s expertise will come in handy. Lori Hoffman can advise you as to what strategies can best help you given your unique situation. You may be surprised at the options available to you.
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 for sale has increased as the market cooled. Even though inventory is still low overall, buyers today have more options, and with that comes more
negotiation power.
As a seller, that means you may see more buyers getting an inspection, requesting repairs, or asking for help with closing costs today. You need to be prepared to have those conversations. Lori Hoffman can guide you through the process, and explain which inspections and repairs will serve you best. After all, the market has changed and you as a seller need to do your part. Negotiating in the direction of cooperation with the buyer will typically benefit you far more. Placing your home on the market with too high of a price tag will cause it to sit on the market longer than it should, which will cost you. As Ali Wolf, Chief Economist at
Zonda
, says:
Today’s market is different than it was just six months ago. Sellers that want the contract to move forward should be willing to work with the buyer. Consider helping with the closing costs or addressing many of the items on the home inspection list.
Think About Your First Impression on Buyers
Buyers have more options and are more particular about their investment since it costs more to buy a home given today’s mortgage rates. As a result, you need to make sure your house shows well. Consider the charm that holiday decor will add as buyers imagine themselves celebrating in your home. You as the seller can set the stage, to maximize your home’s curb appeal. As an article from realtor.com
says:
To stand out in the market, sellers should make their homes attractive to buyers, which usually means some selective updates.
This could include everything from staging the home to making small
cosmetic updates, tackling repairs, or undergoing renovations. A trusted real estate professional will help you assess what may be worthwhile to do compared to other recently sold homes in your area. Remember, you are in competition with other homes on the market. Just like cars, people want a home with the best amenities!
Bottom Line
Sellers need to do things right to attract the attention of these buyers pricing their homes competitively and making their listings attractive to online home shoppers.
For expert advice on how to quickly sell your house in a shifting market, let’s connect to explore your options and alternate areas with homes that fit what you’re considering.
Call me or text me for a confidential, no-obligation consultation. For text inquiries, please use the keywords, “real estate inquiry.
I look forward to hearing from you.
