As we approach the end of 2024, the truth is we are entering a “down market” due to this year’s still-high interest rate, uncertainty in the financial world of stocks and bonds, crazy political posturing for this election, wars and disturbing news around the globe. Real estate has definitely been affected! Many buyers are timid, hesitant, and taking a wait and see stance. Still, home selling is a necessity for some as life changes still happen. Maybe it’s a job transfer, changes in plans with rental property, or another life event behind the need to sale. Here are a few ways you can position your property to sell quickly in this challenging market.
1) Find out the fair market value right now. Ask your agent to pull up comps for your house that sold in the last 3 months (not a year of comparable sold properties like the computer automatically generates and appraiser use). but what is selling right now! Then boldly price your house just below this number. Being competitive with your pricing will get you an offer closer to your expectations than one that is priced a bit higher than the market value. For example, if fair market value is $600,000, price your house at $575,000. The good news: right now, buyers are still paying the list price or very close, so don’t be afraid to “put yourself out there.” You can always hold to your price! But you will have more activity and reach “your buyer” faster.
2) Do a deep clean. If you can afford it and you’re not a great cleaner (it’s okay, most of us aren’t), hire a professional! We get used to our own dirt and don’t see it anymore. Don’t forget to touch up paint where cracks and wear are starting to show.
3) Work over your entryway. First impressions are everything! You probably come in through the garage, but buyers are going to come to the front door. Cobwebs need to go. Bushes need to be cut back. Get a new welcome mat! Fresh fall flowers sitting beside the front door would be a great touch. Believe it or not, buyers often make their mind up about the house as they enter the front door. It sounds crazy, but it’s true.
4) Make sure the home smells clean! This is especially important if you have animals or have ever smoked in the house. After the entryway, this is the second thing that can influence the buyers’ decision about whether to purchase the property. There are so many wonderful new products to help address odors! Your agent will have the right suggestions for you. A little air filtering goes a long way! Maybe you need a plug-in scent or a peppermint machine. I always love to boil cinnamon and cloves in water in a pot on my stove when I have events and showings. It’s such a happy holiday smell!
5) Empty out crowded rooms. Box up and stack your belongings in the garage. Remember, you are moving! Rooms with too much furniture and your everyday clutter can look small. You want them to imagine their items in the space, not spend their time touring the home wondering if you will be able to move out before closing.
6) If you have a “weird” wall color somewhere, paint it neutral. I always encouraged my teenagers to experiment, express themselves! That left me once with a yellow school bus color bedroom and then another time a black one – go figure! They became outstanding, talented adults, but you’d never believe how many buyers just can’t imagine themselves living in a house with an unusual color. It’s like they have never repainted a room before! Sometimes scrolling through photos on the internet they run across one of these wild rooms and just imagine what else might be there! The best thing you can do to help your property sell is remove every obstacle to that goal.
7) Troubleshoot every issue that might come up. If you have a foundation crack, don’t wait to have an inspector write it up on his report. Get an engineer letter that certifies that it is not an issue. If you have a 2-bedroom septic permit and you have a 4 bedroom house, get a quote from a septic install what would it cost to add the field line to get it to a 4 bedroom permit. Then offer that amount of money in a concession right up front. Whatever might be an obstacle for a new buyer, remove it!
8) Don’t wait for a buyer to tell you what issues to address. Any correction that you have made, “like you fixed the leak but you didn’t repaint the ceiling stain.” Do it! Ask an honest neighbor to come over and walk through with you and point these things out. It’s better to have them do it than a buyer!
9) Make your home marketable to as many buyers as possible. Offering to pay the compensation of a buyer’s commission is a strong move. This will open the door for more buyers and allow a buyer to have more financial options to close. The more buyers who feel your property is an option for them, the more showings you will receive and the better the offers will be as a result.
10) Finally, prepare for last minute showings. Never say no to a showing. It’s better to have them come when it’s not convenient or it is not perfect than to miss out. We are in an area where people are traveling in to see properties from other states and their schedules are very difficult. An agent has to juggle appointments to showings. If you are difficult or slow to respond you will likely just be taken off the showing list. They may assume you are going to be “hard” to work with and move onto other potential properties. So be ready, be flexible and make your home shine!
With all these steps in mind, you will be better prepared to sell your property in this market and have an advantage over everyone not keeping these goals in mind. If you have other questions, I am always available to answer questions and help you make the best decisions about preparing your property if it’s the right time to sell!
