Best Practices for Selling in Today’s Market

If you are considering moving and selling your home, you may be juggling a mix of excitement over your next home and a sense of attachment to your current one, as well as wondering if now is the right time to sell. While markets vary by region and even city, consider the following tips and information to help in your decision to sell.

Price Your Home Right

While you may not be able to capitalize on the 20% appreciation that we saw in early 2022, in most markets home values, on average, are up 10% over last year, and a 10% gain is still dramatic compared to a more normal level of 3-4 % appreciation.

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 will want to recognize that things are different now and price your home 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 home too high, you run the risk of deterring buyers. And if you go too low, you are leaving money on the table. Work with your trusted real estate agent to determine what your ideal asking price should be in your specific area.

Emotional Value vs Fair Market Value

Today, homeowners are living in their houses longer. According to the National Association of Realtors (NAR), the average time a homeowner has owned their home has increased from 5 to 10 years since 1985. The side effect, however, is that when you stay in one place for so long, you may get even more emotionally attached to your space. If it is 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 is hard to detach from the sentimental value.

For some homeowners, this attachment makes it even harder to negotiate and separate the emotional value of the house from fair market price. Again, it is important to consult with your agent to determine an appropriate price in today’s market and in your particular neighborhood.

Stage Your Home Properly

While you may love your decor and how you have customized your home over the years, not all buyers will feel the same way about your design aesthetics. This is why it is so important to make sure you focus on your home’s first impression and overall style. You want the décor to appeal to the greatest number of potential buyers in your market.

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

Don’t let news headlines get in the way of your plans to sell. Over the past two years alone, you have likely gained a substantial amount of equity in your home. Even though home price will vary by market moving forward, you can still use the boost that your equity got to help increase your purchasing power for your next dream home.