When to buy or sell a property is one of those crucial financial planning decisions that will have a long-term impact on your journey to financial freedom. Many Americans’ homes continue to be their single largest asset on their net worth statement. Approximately 64% of Americans currently own their homes. Since existing home sales grew by 6% in October of last year, this was good news for potential sellers.
This nice surprise delighted the home market. According to the National Association of Realtors, housing inventory is somewhat reduced, which is frequently good news for potential sellers since this tendency tends to drive up prices. However, increasing interest rates could have an impact on upcoming sales and the purchasing power of potential buyers, softening the good news.
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Look into the real estate market there.
If you’ve lived in your current home for at least a few years, you likely have a general idea of the cost of housing in your neighborhood and the state of the local economy. Still, it’s a good idea to learn more about neighborhood housing trends. For information on local and regional housing trends, see the National Association of REALTORS®.
Learn the number of homes that are currently on the market in your area and how long they have generally been listed. It can be helpful to look at comparable properties in your neighborhood to get a general idea of the competition. A comparable home also referred to as a “comp,” is close by and has features in common with your property. It’s important to take into account the number of bedrooms, bathrooms, the size of the home, and other factors when searching for comparable properties. Attend open houses and browse for listings on real estate websites that make use of the Multiple Listing Service if you want to properly investigate comparable properties (MLS).
Choose a reasonable asking price.
It’s critical to correctly price your home right away. Don’t make emotional choices or base your listing price on the home’s previous appraisal.
In your community, the market is said to be “hot” if there are more buyers than sellers. As a result, prices are almost certainly increasing. You can typically raise the asking price for your home as long as you keep within acceptable price limits. In “cold” markets, buyers are frequently pickier, so the price must normally be at or slightly below market value to elicit an offer.
Clear the clutter
This phase involves removing personalized photos, keepsakes, and other objects. Getting an unbiased, objective view of what should stay and what should go during the staging process may be helpful. A fresh coat of paint and a few small repairs might leave a good first impression on a potential buyer, but major changes are rarely necessary. For customers to have a feel of how various areas could be used in a variety of ways to meet their needs and preferences, it is also advantageous to have a variety of photos and furniture arrangements available.
increase the exposure of your home on social media
Trulia and Zillow are a few examples of real estate websites that promote your home to possible buyers. It might also be useful to promote your desire to sell through social media websites. Blogs, Pinterest groups, and YouTube videos are tools that many realtors use for potential buyer lists and service promotion. Facebook is a different website that might be utilized to advertise what you are selling.
