Hi Everyone
With so many changes in the market since the Spring of 2023, with interest rates being at an all-time high after 20 years, buyers are struggling to be able to afford a home. Seemingly more and more homeowner has struggled to make sense of their situations and home ownership and skyrocketing prices of the common good as well as mortgages have forced many to try to downsize or sell their homes.
As of now the amount of homes in most markets is now up to 4+ Months of inventory, creeping into the buyer's market territory. Just for reference, the Spring had about 1.5 months of inventory when it was moving well.
The real estate market has slowed to a snail's pace. Many homes, few buyers and so much propaganda and unknown about where the market is heading, often educated people are throwing out works like market crash, foreclosures and other terms that are making consumers scared, and waiting it out. With that in mind, the end of 2023 was been dreadful when attempting to sell. It is clear at this point that 2024 will be much of the same unless consumers become more confident that buying is the right choice, in other words, this market sticks and people get used to it.
With that in mind selling a property is very difficult. Here are my 4 tips to help you become a successful seller in this pseudo-buyer's market.
1. Should you even get into the market? Do your research, look at realistic prices, and understand that we are low. Could it get worse? Yes. But It will also get better. With a high probability of interest rates dropping in the middle of 2024, staying out of this market if you can help it and waiting for late 2024 or 2025 just could be the best idea. However, if you do not have a choice and need to sell, these other 3 tips will help you dramatically.
2. Price aggressively. Review sold listings only from the last 2-3 weeks, then carefully examine the homes similar to yours. Find some or at least one that is one the market, the same or better. Chances are you have to be at their price or most likely a little lower to have a chance to sell.
3. Be patient. Buyers now have all the power. With so few buyers even active, it could easily take weeks to sell your home. Stay patient, pick a good plan, and stick to it. Just understand this is not a fast process. Buyers have too many options, stick with your plan and ideally, they circle back to your home, if priced aggressively, and buy it!
4. Avoid any major renovation with selling in mind. The market is depreciating. Making a new kitchen or bathroom are fantastic renovations to enjoy, but you will not get your money back. Stick to cleaning, decluttering, and fixing minor issues such as paint, patching holes etc. These are not expensive and can be done yourself often. Avoid any major renovations and just stick to pricing correctly with what you currently have!
Good luck out there!
Filip
Oct 31 202531 Min.
10 Min.