How Has the Real Estate Market Shifted and What Can You do Now in Advance of Selling Your Home When the Time Comes?
A general election year can always cause uncertainty in the real estate market, and this year is no different! We are also dealing with higher-than-normal interest rates, inflation woes, and, of course, the ongoing conflict/wars in the Middle East.
Despite the prevailing factors, the real estate market is proving its resilience. Homes are still selling, albeit not as swiftly as during the 11-year surge in home prices and buyer demand. Buyers are showing a bit more caution, making a move only when necessary, such as for a job transfer to another area. So, the shift has already formed in our market away from a Sellers’ market to more of a Buyers’ market.
What does that look like for our Sellers? It creates an environment with little to no showing activity for sometimes days or weeks at a time and the need to really have your home stand out against your competition both in condition AND in price!
I’ve said it many times before, and it bears repeating: pricing your home correctly at the time of listing is key to your length of time on the market and your ending sale price! Homes that are overpriced at the time of listing tend to sit longer in this market, resulting in less than list price offers from Buyers. It’s a fine line between overpricing and underpricing, which leaves money on the table. Be sure to consult with an expert real estate agent in your area who knows your market well and is currently active. Many seasoned agents have only sold just a few homes this year due to the market; therefore, be sure you choose wisely as an agent with current knowledge of the ever-changing real estate market is crucial to your success in getting your home sold quickly and for the best possible price.
Some things you can do now in advance of selling if you’re considering doing so in the not too distant future:
1. Declutter your home as much as possible. Avoid adding furnishings and décor and perhaps thin out what you currently have.
2. Make sure all of your homes’ mechanical systems are tuned up and in good working order (i.e. your hvac systems should be serviced at least one time a year; flush your water heater if it hasn’t been flushed out within the last two years; make sure all plumbing fixtures are in working order…things such as drain stoppers, faucet handles, etc.; make sure all of your electrical GFCI receptacles inside and out are in working order, etc.)
3. If you do not have a termite bond on your home, have a termite inspection done on you home to assure you do not have any issues such as excessive moisture in your crawlspace, damage to exterior door jambs, etc.).
4. Keep your yard maintained by keeping shrubs cut back and off the home
5. Keep the exterior of your home, driveway, walkways and porches clean. Soft or pressure wash if needed to remove dirt and mildew from the exterior spaces.
6. If possible, replace any older, mis-matched kitchen appliances with newer more updated models.
These are just a few things to stay on top of and be working on in order to be ready for when the time comes to sell your home.
For a more detailed list or if you have any questions specific to your Coosaw Creek home, feel free to reach out to me at 843-343-7640.
