One of those important financial planning choices that will have a long-term effect on your path to financial freedom is when to buy or sell a home. The single biggest asset on the personal net worth statement for many Americans continues to be house equity. Currently, little about 64% of Americans own their homes. Because of this, the news that existing house sales increased by 6% in October of last year was encouraging for prospective sellers.
The home market was pleased by this pleasant surprise. Housing inventory decreased marginally, per the National Association of Realtors, which is often good news for potential sellers since this tendency tends to raise prices. Rising interest rates, however, could have an influence on future sales and the spending power of potential buyers, tempering the positive news.
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Look into the housing market in your area
If you’ve been in your present house for at least a few years, you probably have a rough understanding of housing costs in your area and the state of the local economy. It is still a good idea to conduct extra research on local housing activities. The National Association of REALTORS® is one source for local and regional housing statistics.
Find out how many homes are now available in your neighborhood and how long they have typically been listed. To obtain a basic notion of the competition, it can be beneficial to look at similar properties in your community. A comparable home, sometimes known as a “comp,” is close to your property and has similar qualities. When looking for comparable properties, it’s crucial to consider the number of bedrooms, baths, the size of the property, and other aspects. If you truly want to research comparable properties thoroughly, attend open houses and look for listings on real estate websites that use the Multiple Listing Service (MLS).
Decide on a fair asking price
It’s crucial to price your home effectively from the beginning. Don’t base your listing price on the home’s past valuation or make emotive decisions.
If there are more buyers than sellers in your neighborhood, the market is considered to be “hot,” and prices are most likely rising as a result. As long as you stay within respectable pricing ranges, you can frequently set your asking price for your home higher. Buyers are typically pickier in “cold” markets, and pricing typically needs to be at or slightly under market value to draw an offer.
Remove the clutter
This stage includes taking down customized pictures, mementos, and other trinkets. During the staging phase, getting an impartial, independent opinion on what should stay and what should go might be helpful. Major improvements are rarely required, but a fresh coat of paint and a few minor fixes can make a nice first impression on a prospective buyer. It’s also beneficial to have a variety of images and furniture arrangements accessible to give consumers a sense of how different spaces could be used in a variety of ways to suit their needs and preferences.
Increase the amount of social media exposure for your residence
Examples such as real estate websites that advertise your home to potential purchasers include, Trulia, and Zillow. Using social media websites to advertise your want to sell could be effective as well. For prospect buyer lists and service marketing, several realtors employ blogs, Pinterest groups, and YouTube videos. Another website that might be used to spread the news that you are selling is Facebook.