Home News How to sell your home without dropping your price

How to sell your home without dropping your price

by admin
0 comment

Editor’s Note: Every Friday, WRAL TechWire takes a deep dive into the Triangle real estate market. This week we look at how home sellers can prepare their homes for sale without facing the possibility of lowering their asking price. One tip: Prepare your home before you put it up for sale to attract more potential buyers. first time home buyer.

+++

Raleigh – We all know that when mortgage rates rise, real estate transactions slow down. Also, higher home purchase prices can mean fewer potential buyers interested in bidding on a home.

That leads to a plateau in price increases. Or at least that’s the basic economic theory.

But a parcel of property has its own unique feature: its location.

That means the real estate market doesn’t always work evenly across the country, state, or even town.

Also, not all homes are the same. In the triangle Four factors that changed the market From the rapid rise in house prices to what appears to be a return to seasonally cyclical norms in price increases.

These four factors are changing the real estate market in the triangle

what’s happening

So even as buyers and sellers shy away from the property market, home sales prices appear to be flat, especially during the typically cool winter months, a new analysis from state-owned real estate brokerage Zillow finds. did.

That could mean that sellers who are ready to sell their homes are facing a cold winter market, Zillow chief economist Skylar Olsen said in a statement Thursday.

“October home prices remained at a standstill as more buyers, especially sellers, took a wait-and-see approach to market conditions.” Potential sellers, now sensitive to lower historically low mortgage rates, have more, if not more, reason to wait for a strong spring season and hope for an easing in mortgage rates. ”

Images and Data: Freddie Mac

Still, the mortgage market has seen some relief lately. latest data Freddie Mac research shows that interest rates have dropped by nearly 1% on average, and are now typically 6.6% for a 30-year fixed-rate mortgage.

“New competition could disappoint buyers hoping for aggressive price cuts in all but the most frothy pandemic-era markets,” Olsen said.

Median home prices fell again in October, with homes now selling below list prices

So what can sellers do?

The Triangle real estate market is still slightly favorable for sellers, Courtney Brown, licensed real estate agent for Hunter Row in Durham, told WRAL TechWire in October.

“It’s not a buyer’s market, but sellers have to work,” says Brown. “Sellers should not expect to get it all.”

It won’t be the same real estate market that the region experienced in the spring and summer of 2021, or even the spring and summer of 2022, Brown explained.

So the first thing sellers should do is ease their expectations about how a real estate transaction will go.

For example, buyers are now much more likely to buy and contract at or below the list price of a home, especially if their home needs repairs, exterior updates, or landscaping.

Sellers can also expect buyers to move slower. That means the house may not sell in its first day on the market, or in his first two weeks.

First-time homebuyers hit record low — but Wake prices are falling

do what you can control

Tony Fink, a licensed real estate agent for Linda Craft Team REALTORS in Raleigh, says instead of thinking about what buyers will do, think about what sellers can control about putting their homes up for sale. said it can.

“If you have the ability and means to prepare a home for the broadest pool of buyers, then you should,” Fink said. “The percentage of homeowners who want to work on a renovation project, have the cash to do a renovation project, and more importantly, have the time and interest to do a renovation project is so high that they can create a turnkey property. It will be better. It will perform better on the public market.”

Homebuyers: Want a great deal on your new home? Here’s what you’re looking for

Expand your buyer pool

And Mr. Fink, think about who is most likely to be interested in your home right now. buy their first home Or you’re looking to upgrade to a home with a larger square footage or more bedrooms.

“The buyer pool, and the biggest buyer pool, will be the millennial buyer pool,” Fink advised. “When you sell your home, you need to look at your home and appeal to millennial buyers.”

This includes repainting the home in a more modern and popular color, replacing old light fixtures with more energy efficient and sophisticated ones, and focusing on the home’s curb appeal when preparing it. , Fink noted, would include considering some cosmetic updates.

Some home sellers may also consider offering incentives to potential buyers who may be concerned about affordability at today’s mortgage rates. You can buy a home at the seller’s asking price at a more affordable price.

+++

WRAL TechWire Reporter Jason ParkerThe author of this report is a licensed North Carolina real estate agent.These special reports use the category tag “triangle real estate” Also “triangle real estate market.

You may also like