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3 BEST PRACTICES FOR SELLING YOUR HOUSE THIS YEAR

Rick Cunningham • Jan 05, 2023

By Rick Cunningham, 

 

A new year brings with it the opportunity for new experiences. If that resonates with you because you’re considering making a move, you’re likely juggling a mix of excitement over your next home and a sense of attachment to your current one.


A great way to ease some of those emotions and ensure you’re feeling confident in your decision is to keep these three best practices in mind.


1. Price Your Home Right

The housing market shifted in 2022 as mortgage rates rose, buyer demand eased, and the number of homes for sale grew. As a seller, you’ll want to recognize things are different now and price your house appropriately based on where the market is today. 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.”



If you price your house too high, you run the risk of deterring buyers. And if you go too low, you’re leaving money on the table. An experienced real estate agent can help determine what your ideal asking price should be.


2. Keep Your Emotions in Check

Today, homeowners are living in their houses longer. According to the National Association of Realtors (NAR), since 1985, the average time a homeowner has owned their home has increased from 5 to 10 years (see graph below):



This is several years longer than what used to be the historical norm. The side effect, however, is when you stay in one place for so long, you may get even more emotionally attached to your space. If it’s the first home you bought or the house where your loved ones grew up, it very likely means something extra special to you. Every room has memories, and it’s hard to detach from the sentimental value.


For some homeowners, that makes it even harder to negotiate and separate the emotional value of the house from fair market price. That’s why you need a real estate professional to help you with the negotiations along the way.


3. Stage Your Home Properly

While you may love your decor and how you’ve customized your home over the years, not all buyers will feel the same way about your design. That’s why it’s so important to make sure you focus on your home’s first impression so it appeals to as many buyers as possible. As NAR says:



“Staging is the art of preparing a home to appeal to the greatest number of potential buyers in your market. The right arrangements can move you into a higher price-point and help buyers fall in love the moment they walk through the door."



Buyers want to envision themselves in the space so it truly feels like it could be their own. They need to see themselves inside with their furniture and keepsakes – not your pictures and decorations. A real estate professional can help you with tips to get your house ready to sell.


Bottom Line

If you’re considering selling your house, let’s connect so you have the help you need to navigate through the process while prioritizing these best practices.

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By Rick Cunningham • 08 Apr, 2024
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SPRING EVENTS

By Rick Cunningham • 05 Apr, 2024
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THE RISK OF OVERPRICING YOUR HOME

By Rick Cunningham • 05 Apr, 2024
Spring has sprung, and it's not just the flowers popping up – it's the "For Sale" signs too! If you're thinking of selling your house, you're in luck. We're riding the waves of a seller's market, thanks to a lean supply of homes. And let's not forget, spring is when buyers come out of hibernation, eager to find their perfect nest. So, slapping a "For Sale" sign on your lawn? Exciting times ahead! Pricing: The Make or Break Factor But here's the catch – while the market's in your favor, setting your asking price is like walking a tightrope. Aim too high, and you might just lose your balance. Why? Because a sky-high price tag could end up costing you more in the long run. Think of your asking price as your home’s first handshake with potential buyers. It’s that crucial first impression, along with those snazzy photos you’ve got lined up. Price it too steep, and you might as well be saying, “Thanks, but no thanks” to interested buyers. As U.S. News Real Estate points out, “Even in a hot market where there are more buyers than houses available for sale, buyers aren’t going to pay attention to a home with an inflated asking price.” Let’s face it, nobody wants to overpay. Today’s buyers are already feeling the squeeze from rising home prices and mortgage rates. An overpriced home? That's just going to send them walking, probably without even peeking through your front door. And if they sense it's too pricey, expect crickets instead of offers. Here’s the real kicker: if your house sits on the market too long because of an inflated price, people start to wonder. What’s wrong with it? Forbes explains that the longer a house lingers unsold, the more buyers start to get suspicious, even if there’s nothing actually wrong. It’s human nature, after all. Lean on Your Agent for the Golden Price Tag So, what's the game plan? Pricing your home at, or a smidge under, market value is the sweet spot. But how do you find that magic number? That's where a pro comes in. A real estate agent has the know-how to sift through market data and nail down a price that hits the bullseye. Your agent will consider your home's condition, any upgrades you've jazzed it up with, and how similar homes in your area are faring. This isn’t a guessing game; it’s strategy. The right price can bring a flock of buyers to your doorstep and even spark a bidding war. And let’s not forget, homes priced just right don’t tend to overstay their welcome on the market. The Takeaway Selling your home is about making a smart move, not just a bold one. Sure, you want to make a pretty penny on the sale, but overpricing? That's a strategy that can backfire big time. Connect with our team and we can help you strike that perfect balance. You want a price that's like a magnet for buyers – attracting and holding their attention. That way, you’re not just listing your home; you’re setting it up for a successful sale.
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