Hot Home Selling Tips in 2020
Recently, there have been some indications that the real estate market is entering a new phase as values have improved slightly in some areas and homebuilders have finally begun to move some of their inventory. Even so, the picture is not entirely rosy, which is why sellers need to make use of some critical home selling tips and guidelines to help make the most of the market this year.
In particular, sellers should be aware that foreclosures and short sales will continue to have an impact on prices throughout the year. Perhaps one of the biggest impacts on the housing market this year will be the job market. Unemployment rates remain high at around 10%, which means that it will continue to affect sales prices.
One of the best things that sellers can do to make the most of even a lackluster market is to consider making upgrades and renovations. This can actually make a big difference in making your home stand out from all of the others that buyers have to choose from on the market today. When it comes to deciding what to spend your home remodeling dollars on, make sure you go with what will have the most impact. Kitchen remodels continue to do well in terms of being able to recoup your money at the time of sale as well as the addition of decks. Window replacement is also an excellent home improvement to consider making as well.
It is also important to keep in mind that many buyers continue to judge the appearance of a home from the exterior. As a result, you may find that spending some money on your landscaping could pay off in big ways.
You might also consider making an offer to pay for a portion of the buyer’s closing costs. This can be particularly attractive to first time home buyers who may have no problems qualifying for a home mortgage but who may find themselves running short of cash for closing costs. Ultimately, this could be a good way to attract buyers without the need to drop the price of your home.
If you have not already done so, make sure you take full advantage of the ability to advertise and attract buyers via the Internet. Estimates indicate that at least 80% of buyers today begin their search for a home online. If you are not advertising for buyers on the Internet, you could be missing out on a huge slice of the market. Talk to your agent about making sure that your home is featured on their website.
In addition, it is important to make sure that you are making your home as accessible as possible. In a seller’s market, owners can get away more easily by allowing their home to be shown by appointment only, but that is not the case in a buyer’s market. When the buyer has the upper hand, the market is large enough and the prices low enough that buyers can easily find another home if they are forced to wait on a showing. Do not make it even harder to sell your home by insisting on an appointment or 24 hours notice. Also, if your agent has not already done so, consider installing a lockbox on your home so that it will be easier for your home to be shown if you are not able to be present.
Remember as well that in a buyer’s market it is definitely to your advantage to negotiate. Even if a buyer makes an offer on your home that is lower than the asking price, rather than rejecting it outright, consider negotiating by making a counter-offer. Also, keep in mind that if you turn down an offer now you may end up losing more money on the sale of your home if you wait and try to hold out for a higher price. Do not let a small difference in price be the cause of your home sitting on the market for months on end, especially if you really need to sell it.
Finally, consider whether it may be to your advantage to pay for the services of a stager. While this is a service that will require an investment on your part, many owners find that the price of staging can be easily recouped through higher sales prices and shorter listing times. If your home has been on the market for some time and you have not received the interest you would like, it certainly may be an investment that is worth at least considering.
Not all We Buy Houses companies are created equal. With these tips, you can choose the right one for your needs and can avoid many traps other home sellers have experienced.