For a while, the real estate market favored sellers, with bidding wars, cash offers, and homes flying off the shelves. But as things have changed, with rising inflation and mortgage rates pushing 6% to 7%, the buyer frenzy has cooled, and sellers may feel like they’ve lost their upper hand. While the market dynamics have shifted, there are still key aspects of the home-selling process that sellers can control to help their property stand out and attract the right buyer.
Here’s a look at the top five things sellers can manage to maximize their home’s appeal, even in a shifting market.
1. Control the Pricing Strategy
One of the most critical decisions sellers make is setting the right price. While it’s natural to want top dollar, pricing should reflect the current market. Just because a similar home sold for a high price last year doesn’t mean yours will have the same result in today’s market. Overpricing can cause a listing to sit on the market, often leading to price cuts that could have been avoided with a realistic initial price. Working with an agent who understands the latest market trends can help you find a pricing sweet spot that attracts buyers without overreaching.
2. Negotiate on Your Terms
When offers start coming in, remember that you have the power to negotiate. While offers may come in lower than expected, you don’t have to accept the first one that comes along. Not only can you negotiate the price, but you can also address other aspects of the offer. Flexibility with the closing timeline, for example, can give both you and the buyer more control over the moving process.
In today’s market, having a strategic approach to negotiations can make a huge difference, so don’t hesitate to work with your agent to secure terms that benefit you.
3. Timing the Sale for Maximum Impact
When to list your property can greatly impact buyer interest and, potentially, your final selling price. Spring and summer are typically peak seasons for real estate, bringing in more buyers. If you can, plan to list during these months to increase visibility and potentially receive stronger offers.
Sellers also have the option to delay a sale if the current market isn’t ideal for their goals. If there’s no urgent need to sell, waiting for a more favorable market condition might be a wise move.
4. Decide on Repairs and Upgrades
As a seller, you decide which repairs to make before listing. Some repairs are essential for ensuring your home is safe and functional, but minor cosmetic updates, like painting, updating fixtures, or landscaping, can also go a long way in boosting a home’s appeal. Buyers tend to appreciate move-in-ready homes, so tackling visible issues, such as stained ceilings or outdated appliances, can improve their perception of your property.
Additionally, you control how to handle repair requests after a home inspection. If a buyer requests unreasonable repairs, you’re free to negotiate or refuse the requests. Alternatively, you can offer a price reduction to account for repairs, which could appeal to buyers looking to put their own touch on the property.
5. Choose the Right Real Estate Agent
One of the most powerful decisions a seller can make is choosing a knowledgeable, experienced real estate agent who knows the local market and has a strong marketing strategy. A skilled agent will help price your home correctly, negotiate on your behalf, and guide you through every step of the process.
By selecting an agent with a proven track record, sellers gain an ally who will help them navigate the market effectively. A professional agent will focus on the factors within your control and advise on the best steps for success.