House prices across the US are showing some signs of slowing down, but they are still generally rising. This is great news for property investors and homeowners. Some regions in the US have seen year-on-year growth of nearly 60%, with Texas and Florida being particularly noteworthy.
For instance, August in Florida saw year on year growth of 16.4%. This would normally be good news for homeowners, but it isn’t helping sellers right now. The housing for sale inventory rose by over 12% and house sales dropped by nearly 19%.
The whole country has seen a slowdown in house sales, and this is making it hard for sellers to realize the capital growth tied up in their homes.
This makes it more essential than ever to understand how to make your home as appealing as possible for a quick sale.
What must you do when you sell a home today?
Every guide around selling homes will tell you to declutter. This is truly an essential part of the marketing process, but there are other important steps to take.
New home sales tumbled to a 6 1/2 year low, and median house prices are up by 8.2%. Existing house sales are seeing month-on-month decreases in the number of sales, while prices still remain high. With interest rates rising, fewer people are willing to buy a home in 2022.
So, to see your home sell without issue may take a little luck and some planning. The first thing you need to do is to decide on your selling strategy.
Plan a house selling strategy
Examine the motives you have for selling your home and base your strategy around that. Do you want a quick sale, or are you willing to be patient enough to hang on for the asking price?
There are house buyers in the USA now that will pay cash for homes and close within days. Cash buyers represent the quickest way to sell a home, especially in the current market.
The normal route is to use a real estate agent though. But, this can mean a longer wait before you start receiving offers. Typically it takes an average of 10 viewings before an offer is received, and several more weeks to complete the sale.
The cash buyer route means avoiding fees and other costs, and not having to worry about marketing. However, a realtor will try to get you the asking price but there may be repair costs involved and you will have to pay a commission. You may need to understand virtual staging and its importance to marketing and be available for viewings.
Consider your curb appeal
If you decide to market your home yourself or use a real estate broker, then you need to present your home properly.
Curb appeal refers to the first impression someone gets when they pull up outside your home. Low curb appeal can mean a potential buyer not even bothering to view the property.
It is believed that around 94% of realtors have asked their sellers to consider curb appeal improvements. And 97% of all NAR members look at the curb appeal as important to any buyer.
Improving curb appeal can involve anything from external cleaning to repairing cracks in the driveway. Anything that improves the external look of your home and garden will increase your chances of selling.
Normally, extensive renovations are not necessary. But fresh paint can do wonders. If you decide to paint your home, pick neutral colors that appeal to the majority of people.
Provide a blank canvas for your viewers to project their ideas onto without embellishing the home with too much of your own personality. If you want to make some changes then make practical ones instead of expensive refits.
For instance, 18% of the workforce worked remotely during the pandemic. Knowing how to make a home office can mean adding a huge selling point to your property without breaking the bank.
Plan for every financial eventuality
The reason for proper budgeting is two-fold. One, you won’t get any nasty shocks when you realize you need to pay out for an unexpected cost, and two, your house sale won’t stall while you try to find the money for repairs.
You will need to budget for moving costs, legal fees – although closing costs come from the proceeds of the sale, and possibly repairs.
It is advised that home buyers should budget 1% of the purchase price for surprise repairs. It has been reported that $1,000 was needed on average to fix repairs after buyers moved in. However, if an inspection discovers problems those repairs will be your responsibility.
Not having the money to hand to fix problems such as mold, water damage, leaks, or other repairs, could see your house sale stall. Even better, pay for a seller’s inspection and be ahead of the game.
Your biggest decision when selling a house is to choose the best channel. The majority of people will choose a realtor, but if you require a quick sale then you may prefer a cash buyer.
Understanding your motives for selling will help lead you to the best decision. One method will bring about a sale in as little as a week or two but with lower proceeds. The other can see you match or exceed the asking price, but it may take months to complete.