Realtor.com is leaning on historical data to predict that the first week in October will be the best time to buy a home this year. Historically, as the kids go back to school and the summer fades, home prices usually start to dwindle from peak levels, inventory rises and competition weakens, creating the ultimate trifecta of reasons to buy a home.
If this is the best week to buy, now’s a great time to sell! Below we’ve included some tips to make the selling process much easier. We’ve also included some quick market insights on a national level to give you a picture of the housing market. Keep in mind that all real estate is local. To gain a clearer picture of what’s going on in your neighborhood, make sure to reach out to your Howard Hanna agent.
Is now a good time to list my home for sale?
Here’s the latest national data related to the housing market:
- Consumer confidence is up 2.5 percentage points
- Latest data shows existing home sales down 16.6% YOY
- The median listing price grew by 1.1% YOY
- The median time on market grew by 46 days, 5 days longer than last August
- New listings fall 7.5% YOY
- Active inventory declined by 3.7% YOY
- New home supply is growing
- Both existing and new home prices have fallen from recent peaks but do remain afloat
4 new ways sellers should approach the fall and winter market
Even though it’s still a seller’s market, things are shifting, and the highest highs we experienced during the pandemic housing market, are slowly dissipating as the market corrects itself and returns to normal. You can still earn top dollar for your home with these tips:
Have realistic expectations about this changing market
Here’s the part where we recommend you find the best Realtor to represent your home in this new economic climate. You need an expert on your side that’s in tune with the new market, knows the latest data and guides you to maximize the sale of your home.
Have a conversation with a Howard Hanna agent about what’s realistic in terms of how long your home might be on the market, the price range you can expect to get, the number of showings you might receive, etc. Knowing what to expect up front allows you to correctly set your expectations.
Stage your home to sell for top dollar
It’s common during a seller’s market for homeowners to put their home on the market in any condition, expecting (and receiving, more often than not) multiple offers, regardless of the home’s current state. This is not the case today.
Your home should be in the best possible state before you list. It’s a good idea to contact a realtor months before you plan to sell to get a feel for what should be replaced and/or upgraded to allow your home to sell for more.
Beyond ripping out old carpet or bringing your home up-to-date with a fresh coat of paint, your home should be staged to sell. Your Howard Hanna agent can help by providing tips and techniques to utilize.
Price your home right initially
We recommend you price and position your home correctly from day one for best results in this market.
You’ll really need to lean on the expertise of your Realtor on this one, as market data is changing very frequently and what worked a few months ago, might not work now.
Typically, comparative market analysis can be used as a strong signal to help you price your home according to what the market will allow, but in this shifting market, CMA data might be too delayed to keep up.
Your Realtor will have a pulse on what’s happening with homes with comparable features and size to yours in your local area, and can advise you on the correct price range so you won’t end up lowering your price down the road.
Many times, when a home has been on the market for a while and then is hit with a price reduction, it starts to create doubt in buyers’ minds about what might be wrong with the home, causing it to sit stagnant on the market. Pricing your home correctly from the onset avoids this headache.
Offer concessions
Regardless of the fact that the market is still swinging in sellers’ favor, thanks to rising interest rates, some buyers are now hesitant to commit.
Offering concessions is a great way to entice buyers in this normalizing market. Proposing a dollar amount with the flexibility to use it towards a down payment or buy-down points allows the buyer to speak with their lender regarding which option would be best for them.
Sometimes, an adjustable rate mortgage may be better with the intent of refinancing in a year or two, allowing the buyer to use the concession towards closing costs. Other times, it may be best for a buyer to buy down the rate, but allowing flexibility lets the buyer have a discussion with their lender on what may be best for their situation.
Are you ready to gather the current market information or want to list your home? Contact Howard Hanna today and let’s get started.
