The home selling process has changed considerably over the past year. Last year sellers could throw their homes on the market with little to no prep work done, throw a few pictures online and still expect multiple offers and a final sale price well over asking price. This red-hot sellers’ market was unprecedented in history and certainly not the norm.
Currently the market is in a state of readjustment and is trending back to a more normal balanced market. This adjustment may be perceived as scary by many sellers who are seeing their neighbors home prices fall in price and sit on the market for months. This slowdown can be directly correlated to raising interest rates and a huge increase of properties on the market.
The news for sellers in the recent months has been filled with doom and gloom. And while the market has changed dramatically there is still hope. Homes are still selling, and the majority of sellers still have a tremendous amount of equity in their homes. It is clear home prices are falling however, when the 2022 year comes to an end home will still appear to have appreciated by close to 5% at years end. This is because home valuation sored so much at the beginning of the year. Essentially as long as you purchased your home before 2021 you will still have accumulated a vast increase in your homes valuation when compared to where you bought it.
The first and most important step for a seller is getting accustomed to the new market and having a realistic idea of your home's value. Home value isa falling and has been for months. You can no longer look at your neighbor’s home that got well over asking price at the beginning of 2022. It can be a tough thing finding your homes true value, and that is where an expert Cascade Team agent comes in. We are well accustomed with the new market and will tell you a true and accurate valuation of your home. The good news is that when homes are priced in line with the current market, they are still selling very fast. Within 1-3 weeks. The homes that are taking 100+ days to sell are priced higher than the market can handle.
The next way to get a good offer and fast is to offer an interest rate buydown. Homebuyers right now are struggling to find their perfect home while balancing their monthly payments. You can provide a potential buyer with peace of mind by buying down their rate making their monthly payments easier to stomach. “A rate buydown can be a specific amount of money credited at closing that the buyer can use toward points on their mortgage,” says Michelle Mumoli, a broker-associate with Compass in Jersey City, NJ. “And because buyers have the option to refinance once rates go down again, they can use that to cover their closing costs.”
Some other things you can do to make your hose look more attractive to buyers is taking care of your home before selling. This includes putting on a new roof if your current roof needs replacing in the next five years, servicing your heating system, air conditioner, add a new water heater if needed. simply just make your home as move in ready for a future buyer as possible. Next you can provide a buyer with a yearlong home warranty. This gives them peace of mind that the home will be well taken care of. Additionally, home warranties are fairly inexpensive coming in as low as $250 a year.
The final and one of the most important thing a seller can do in this current market is finding a professional agent. In the previous years sellers could coast by with a subpar agent. Many agents simply used their phones for pictures and threw your home on the mls. In spite of this subpar work they could still expect multiple offers as there was a severe lack of homes on the market. Now having a good agent has become more important than ever. Sellers need an expert agent who is well connected in the industry and has excellent negotiating skills. Additionally, you need an agent who will provide you with professional photography, home staging, and someone who is in constant communication with you the seller. At the cascade team you get all these benefits for a fraction of the price.