Over the past two years, the housing market has lacked significant unit offerings, and this has led to a series of bidding wars and a series of Housing prices soaring.
But while home buying is still expensive, the housing market is finally showing signs of cooling. This means that buyers may soon regain their advantage after years of limited bargaining power.
And if you’re planning to sell a house this year, you may pay for your haste. However, mortgage rates continuing to rise during 2022, may in turn push more buyers out of the market, which is something that must be taken into account.
The Ascent has provided three tips that you must do strategically, in order to make the most profit, if you are going to sell your home.
1. Price your home reasonably from the start
The Ascent team says the days when sellers could price their homes ridiculously high without review are over, but that doesn’t mean you won’t get a decent price for your home.
The first tip is to consider the average home prices in your area. If homes in your area that are comparable to yours generally sell for around $450,000, then don’t be daring to list your home for $525,000. Doing so may make buyers not even consider looking at the listed offer.
2. Handle small repairs before listing your home
The second tip focuses on looking after the home before it’s listed for sale, as it’s important not to risk losing out on buyers who don’t want to make minor repairs once they move in.
Instead of letting that happen, address these issues before you put your home up for sale. Spending a few thousand dollars on things like new paint, updated floors, and faucets running throughout your home could result in a much higher selling price, ultimately making you a higher profit.
3. Don’t go alone
Since demand is still strong, you may be tempted to sell your home on your own rather than hire a real estate agent. But skipping the proxy can be a huge mistake.
Not only can a real estate agent negotiate with potential buyers on your behalf, they can also help you price your home appropriately.
And even though we’re not close to a housing market crash, property values are still pretty much flat. But in some markets, home prices have already started to fall, and properties have been out of offer for much longer.