If one of the goals on your list is selling your house and making a move this year, you’re likely juggling a mix of excitement about what’s ahead and feeling a little sentimental about your current home.
A great way to balance those emotions and make sure you’re confident in your decision is to keep these three best practices in mind when you’re ready to sell.
1. Price Your Home Right
In 2023, the housing market underwent changes with the increase in mortgage rates, and home price appreciation began to return to a more stable pace. As a seller, it remains crucial for you to understand the significance of pricing your house appropriately in accordance with the current market conditions. Hannah Jones, Economic Research Analyst for Realtor.com, explains:
“Sellers need to become familiar with their local market and work closely with a local agent to make sure their listing is attractive to buyers. Buyers feeling the pressure of affordability are likely to be pickier, so a well-priced, well-maintained home is the ticket to drumming up big demand.”
Setting your house price too high may discourage potential buyers, while pricing it too low means you could be sacrificing potential earnings. With the assistance of a seasoned real estate agent, you can identify the optimal asking price, ensuring a swift sale at a favorable value.
2. Keep Your Emotions in Check
Today, homeowners are staying in their houses longer than they used to. According to the National Association of Realtors (NAR), since 1985, the average time a homeowner has owned their home has increased from 6 to 10 years (see graph below):
This surpasses the previous standard by a considerable margin. Nevertheless, a potential consequence of prolonged residence in a single location is an increased emotional connection to the space. Whether it’s the initial home you purchased or the dwelling where your dear ones experienced their formative years, it probably holds an additional significance for you. Each room is imbued with memories, making it challenging to separate from the sentimental value attached to them.
Some homeowners find it challenging to distinguish the emotional significance of their home from its fair market value. This underscores the importance of relying on a real estate professional to guide you through negotiations and implement an optimal pricing strategy. Trust the expertise of professionals committed to serving your best interests.
3. Stage Your Home Properly
Although you may have a strong attachment to your decor and the personalized touches you’ve added to your home over time, not every potential buyer will share the same appreciation for your style. Therefore, it’s crucial to prioritize your home’s initial impression, aiming to appeal to a broad range of buyers.
Prospective buyers seek the ability to envision themselves living in the space, imagining their own furniture and personal items rather than being surrounded by your pictures and decorations. As Jessica Lautz, Deputy Chief Economist and Vice President of Research at NAR, says:
“Buyers want to easily envision themselves within a new home and home staging is a way to showcase the property in its best light.”
A real estate professional can help you with expertise in getting your house ready to sell.
Bottom Line
If you’re considering selling your house, let’s connect so you have help navigating the process while prioritizing these must-do’s.