Over the past two years, the industry has seen record-breaking home prices, along with extremely low inventory. Home prices nationwide were up at an average of 10.1% year-over-year from October 2021 to October 2022, according to the National Association of Realtors. As we enter a new year, we are starting to see the market change. Home prices are settling down, and inventory is slowly catching up. With that said, sellers must do things differently for 2023 to set their home apart from the rest. Below I outline how to successfully sell your home in today’s changing market.
Hire An Agent
I feel that it goes without saying, but having a trained professional with industry expertise and a database full of connections, is valuable in today’s market (or any market for that matter). Hiring an agent to not only market your property, but to represent you as a client, is going to save you time, money, and stress! So, before you think about taking on this market, consult a local agent you can trust, like Reed The Realtor!
Get Professional Photos Done
As the saying goes, “A picture is worth a thousand words” in the case of a home sale, it’s worth thousands of dollars! The ONLY thing that ensures buyers lined up at your door, waiting to see your home, are high-quality photos. Photos are the first impression a home gets on the market, and sometimes that first impression is the ONLY impression. So, before you list your home for the whole world to see; get professional photos done. Most agents have a go-to photographer they work with; simply consult with your trusted agent!
Run Comps - Relevant to TODAY’S Market
In the last couple of years, we’ve seen record-high home prices, and as a result, many of the comps from the past year are outdated and don’t accurately reflect today's market. In order to price your home competitively on the market, it’s crucial to focus on comparables from the last 3-6 months. As I’m advising my seller clients, I recommend putting more weight on the most recent sales within their market, as this more accurately reflects what’s going on in TODAY’S market. Listing your home for sale with a strong asking price will ensure a quicker sale and ultimately attract competitive buyers.
Have a Marketing Plan
A good price and even better photos are a wonderful start to a successful listing, but it’s only the foundation! (No pun intended)
How you execute the launch and marketing of a new listing is what SELLS a home. When interviewing agents, you must ask them, “What is your marketing plan?” – As a seller, it’s crucial that you understand how, where, and why your agent plans on marketing the property to gain massive exposure and ultimately sell your home at a top dollar!
Be Flexible & Pivot
The plan is to sell your home fast, efficiently, and for top dollar. But sometimes, due to circumstances outside of our control, things can happen that may affect the success of your sale. At times when things aren’t going as planned, you must be flexible and pivot in order to find the success you’re looking for! It’s important to communicate and work diligently with your agent if unexpected issues come up.
BONUS: Get A Pre-Listing Inspection
This is BY FAR, one of the most creative ways to set your home apart from others in the community. In a typical home sale, once a buyer is under contract for your home, the buyer has the opportunity to exercise a home inspection. Simply put, it allows them to get insight on the condition of the home before they officially move forward OR negotiate on potential repairs that the property might need. To get ahead of any potential issues, I recommend my sellers look into getting a home inspection done before listing their home. This way, they can not only repair potential issues in the home but confidently convey the condition of the home to prospective buyers. Transparency is highly valued in any type of market.