Four tips to keep in mind if you’re planning to sell your house this year.
While it may be tricky to buy a home in our current market, right now is a great time to sell one. If you’re planning to sell your house this year, be sure to keep the following in mind:
1. Don’t wait for interest rates to get too high. Though mortgage rates are higher now than they were at any point in 2021, they’re still competitive from a historical perspective. However, that could all change as the year moves along. If rates continue to rise, buyers may become more hesitant to purchase homes. If that happens on a national scale, property values could start to fall. If your goal is to sell your home this year, it will pay to list your property sooner rather than later.
2. Keep tabs on your competition. It may be the case that there aren’t too many homes for sale in your area right now, but that will likely change as the year progresses. The more competition you have, the harder it might be to find a buyer willing to pay the price you want.
3. Invest in repairs over upgrades. You may be tempted to upgrade your home before listing it to attract more buyers, but with upgrades, you rarely get your investment back. If you spend $15,000 to redo parts of your kitchen, that might result in an extra $10,000 in resale, but your chances of getting the full $15,000 back are slim. That’s why you’re better off focusing on home repairs like leaky faucets or faulty light fixtures.
4. Partner with an experienced Realtor. Since buyers have been clamoring over homes this year, you may be inclined to sell your property on your own rather than working with an agent so that you can avoid paying commission. However, it’s best to work with a knowledgeable real estate professional who can help you market and price your home appropriately. This is an especially wise move if you notice an uptick in listings in your area.
In some cases, agents might even help you stage the home and negotiate offers such that you get enough money to cover some or all of the commission. Plus, working with an agent can make the home-selling process less stressful, especially if you have a full-time job.
You might encounter a lot of challenges in the market as the year moves along, so be sure to follow these tips to increase your chances of a smooth, lucrative home sale. If you have any questions about selling your home or real estate in general, don’t hesitate to reach out to us by phone or email. We’re happy to help.