3 Best Practices for Selling Your House This Year

MsMaranda_Panda

Jan 5

A new year brings with it the opportunity for new experiences. If that resonates with you because you're considering making a move, you're likely juggling a mix of excitement over your next home and a sense of attachment to your current one.

A great way to ease some of those emotions and ensure you're feeling confident in your decision is to keep these three best practices in mind.

1. Price Your Home Right

The housing market shifted in 2022 as mortgage rates rose, buyer demand eased, and the number of homes for sale grew. As a seller, you'll want to recognize things are different now and price your house appropriately based on where the market is today. Greg McBride, Chief Financial Analyst at Bankrate, explains:

"Price your home realistically. This isn't the housing market of April or May, so buyer traffic will be substantially slower, but appropriately priced homes are still selling quickly."

If you price your house too high, you run the risk of deterring buyers. And if you go too low, you're leaving money on the table. An experienced real estate agent can help determine what your ideal asking price should be.

2. Keep Your Emotions in Check

Today, homeowners are living in their houses longer. According to the National Association of Realtors (NAR), since 1985, the average time a homeowner has owned their home has increased from 5 to 10 years (see graph below):

3 Best Practices for Selling Your House This Year | MyKCM

This is several years longer than what used to be the historical norm. The side effect, however, is when you stay in one place for so long, you may get even more emotionally attached to your space. If it's the first home you bought or the house where your loved ones grew up, it very likely means something extra special to you. Every room has memories, and it's hard to detach from the sentimental value.

For some homeowners, that makes it even harder to negotiate and separate the emotional value of the house from fair market price. That's why you need a real estate professional to help you with the negotiations along the way.

3. Stage Your Home Properly

While you may love your decor and how you've customized your home over the years, not all buyers will feel the same way about your design. That's why it's so important to make sure you focus on your home's first impression so it appeals to as many buyers as possible. As NAR says:

"Staging is the art of preparing a home to appeal to the greatest number of potential buyers in your market. The right arrangements can move you into a higher price-point and help buyers fall in love the moment they walk through the door."

Buyers want to envision themselves in the space so it truly feels like it could be their own. They need to see themselves inside with their furniture and keepsakes – not your pictures and decorations. A real estate professional can help you with tips to get your house ready to sell.

Bottom Line

If you're considering selling your house, let's connect so you have the help you need to navigate through the process while prioritizing these best practices.

Call me at 704-951-4017 or 801-664-7624 (Texts welcome!)

Email me at therealestatepanda@gmail.com or find me on Instagram below!

🔥Since 2000, median home prices in the U.S. have increased by nearly 160 percent!!

During the housing crash, there was an oversupply of homes for sale. While inventory has increased this year, supply is still low. That means there isn't enough inventory for home prices to come crashing down like they did last time, even though some markets may experience slight declines. DM me for more on why this isn't 2008 all over again.

It's important to remember those who have served this country every single day. It's more than saying thank you for your service, it's holding the door for them, providing them a meal, serving them the best way you can to truly say thank you. Take Action, words only go so far.

The housing market is undergoing a shift as higher mortgage rates moderate buyer demand and as inventory grows. As that happens, pricing your house right can help you attract more buyers, which could help your house sell quickly. If you're ready to sell, DM me so you have an expert on your side who knows how to find the right price today.

Fear of rising mortgage rates, price deceleration, and a recession got you holding out on buying a home?

Homeownership provides incredible emotional and non-financial benefits. As a homeowner, you can customize your home to fit your needs and feel a sense of responsibility and accomplishment in maintaining it. These are two things renting can't provide. Now let's take it one step further, make your first home a duplex providing you an opportunity to rent out the other half (having that tenant pay your mortgage), bringing your passive income, more equity and later move out and rent out both sides! DM me if you're ready to discuss everything homeownership has to offer and some house hacking options to think of to propel your forward to passive income and a retirement plan.

Don't ever purchase a fixer upper without determining the after repair value (ARV) and estimate for repairs. Knowing these numbers will help you determine the best offer price. It's most common that investors use the 70% rule. Which means you pay no more than 70% of the homes ARV, minus repairs.

Owning and investing in real estate has many financial benefits. As a homeowner, you gain equity by paying your monthly mortgage, from your tenants paying rent and when your home appreciates in value. And if your needs change, you can use that equity to help fuel a move or use that equity to buy another property, increasing your net worth and brining your more passive income. Whether you're already own a home, have a real estate portfolio, or you're planning to get started, DM me to learn more for different strategies or opportunities.

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