The spring market is officially here. More homes are on the market, and buyers are on the hunt, so it is an excellent time to begin your buying or selling journey. If you are looking to sell your home in this spring market or later this year, here are a few tips to keep in mind.
1. STAGE YOUR HOME:
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To appeal to the largest audience possible, make sure you present a clean property to potential buyers. A clean home conveys pride in ownership and tells the buyer the house has been well cared for and maintained.
Once your space is physically clean, it’s time to consider cleaning out some of your personal touches. Home decor and interior design are subjective; not every person who tours your home will appreciate how you have styled the property. For example, a space currently used as a child’s room with hot pink walls may be off-putting to a buyer looking for a property with a home office. To best showcase a space’s potential, neutrally stage your home. The buyer needs the neutral canvas to envision themselves, their furniture, and their decor in a space.
2. THINK ABOUT PRICE:
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The average homeownership duration in 2009 was 4 to 5 years; in 2022, the average ranges between 10.5 and 13 years. This near doubling of the time spent in a particular property often doubles the emotional ties to the home, complicating the sale of the property, particularly when it comes to pricing and negotiations.
Pricing a home is both an art and a science. If priced too low, it may sell quickly but at the expense of the homeowner, who may be leaving money on the table. If a home is priced too high, it may deter buyers and sit on the market longer.
As your trusted real estate advisor with extensive market knowledge, I can help guide you on pricing your home correctly in order to maximize your investment.
3. UNDERSTAND TODAY’S MARKET CONDITIONS:
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The 2023 market is different from the frenzied markets of 2021 and early 2022. The average days on market for a properly priced and staged property in 2021 was just 28 days – a breakneck pace compared to the typical 65-day average experienced in pre-pandemic years. Today’s average days on market is on the rise, trending upwards of 32 days, largely due to the rising mortgage interest rates.
The rapid pace of the real estate market during the last two years was unprecedented. Sellers were fielding dozens of offers within hours of their home being placed on the market. In today’s market, homes are continuing to field favorable offers, sometimes multiples, and ultimately sell.
The key difference between last year’s market and this year’s market is that all the showings, offers, and ultimate sales of the homes are happening in a slightly longer time frame. As such, it’s important that sellers prepare themselves for today’s market conditions and not have a knee-jerk reaction regarding their home’s pricing, marketing, etc., too quickly after placing their home on the market.
If you’re considering selling your home, whether it be in the Twin Cities or across the globe, please, contact us. Our agents would be more than happy to help you navigate the process.