Relocation.
It’s a word filled with potential for new opportunities, change, and growth and… if you’ve ever sold a home before, you know it can also be quite a task to undertake. However, with the right timing and an expert team helping you through the process, selling your home in 2024 is an attainable goal…one that can be achieved to your benefit. Your local title experts at Trustworthy Title have gathered some insights from top agents in the industry to help your relocation go smoothly.
Research Current Market Trends
Learning about the local real estate market is vital. National trends can be misleading, as the housing demands in New York are going to look very different from what we experience here in Nebraska. The latest market reports indicate that the number of houses available for purchase have increased tremendously- 9.4%- over the same time last year. The increase at a time of year that typically shows a slowing market suggests that those who have been waiting for a “better time” to sell are identifying now as that time.
Home prices continue to rise at an average rate of 5.5%. Inflation continues to run higher than the Federal Reserve considers healthy (2%), raising the question, “Will interest rates rise again?”
The answer remains “wait and see.” The Federal Reserve believes that the full impact of the many rate hikes over the course of 2021 and 2022 are yet to be realized. Yes, interest rates are better now than we’ve seen in the recent past, but it remains unclear if the rate hikes have achieved their intended goal.
The homes most in demand in Nebraska are those listed at or below $375,000. Luxury homes appeal to a more niche market, and so they are likely to take longer than the 24-day average length of time homes remain on the market.
Gone- for now- are the days of multiple competing offers within hours of placing a for sale sign in the yard. Home sales are still a bit low, down 2.4% from one year ago. Buyers have remained cautious and selective, and between interest rates that remain at 5.25-5.50%, and a market that is tilted in their favor, they are wise to be. As the seller, it will be important to entice the buyer to see the advantages your home offers over all the competition.
Choosing the Right Agent is Key to Selling a Home
A veteran real estate agent can be your greatest asset in selling your home. Not only does he have a pulse on the market, current home trends, and possess expertise in the technical elements of the transaction process, he also has an effective marketing strategy and a wealth of connections with prospective buyers.
How do you choose? Remember that the agent is working for you, so as you seek to select the best candidate, learn all you can about your potential agent through research, and when you’ve identified a few promising candidates, interview them, preferably at your home. Ask:
- How long have you been in real estate in the local area?
- What strategies do you employ to market your homes? How strong is your online presence?
- How many houses do you currently have on the market?
- How often do you have repeat clients?
- How many home sales have you closed in the last year? Last five years?
- What upgrades/ improvements does my home need to prepare for listing?
Be alert to the soft skills each agent presents, the assertiveness and confidence they show, and the insights they provide into the current market situation. One agent should rise to the top as your best candidate.
Clean It Up and Clean It Out
When potential buyers visit your home, they want to imagine their belongings and their memories attached to the house. Depersonalize your home as much as possible. Pack away photos, personal items, and any clutter that detracts from the beauty of your home.
Tackle closets and cabinets and use 50% as a rule of thumb. Try to leave closets and cabinets no more than half full. You’ll be well on your way to packing for moving day, and the buyer will see that your home has ample storage space- a top priority for most home buyers.
Make Your Home “Move-in Ready”
Remember what drew you to this home when you were the buyer. Was it ample closets? Convenient location? Expansive yard? Beautiful views? Be sure to highlight those features. Your real estate agent can be a tremendous help in this process by employing strategic staging and photography, showcasing your home’s best features in an appealing light.
Make your house move-in ready by tackling those repairs that will make it easy for the next family to call this house home. If parts of your home are dated and worn out, replace them. Have major appliances serviced and check to make sure that everything is in good working order. For maximum thoroughness, hire your own home inspector and use the report he provides as a punch list for repairs to make.
Pro tip: Keep receipts, reports, and any records of work you have done to improve your house. A meticulous seller will inspire confidence in the buyers and assure them that your home is in great condition.
Time It Right
Real estate can be a seasonal business. The ebb and flow of potential buyers and homes on the market can greatly impact the length of time it takes to reach the closing table and can also impact the home’s selling price too.
Winter, predictably, is the least popular season for home selling, as weather conditions make relocation a cold and sloppy job. More houses enter the market as we move into the spring and continue into the summer, which is considered the ideal time to relocate. The pace of transactions slowly begins to taper off in the fall and heading toward the holidays.
You may find yourself with a specific deadline for relocation. If so, don’t despair. A great agent will be able to sell your home anytime. However, if you have the flexibility of selling your home in the spring or summer, take advantage of it.
Build a Winning Team
Along with a skillful agent, a clever stager, and a visionary marketer, you’ll also need the services of an expert title company to assist with selling a home. At Trustworthy Title, we offer friendly, professional service, and would love to be a part of your team. Reach out to us with your title needs, and best of luck selling your home in 2024!