Essential Tips for Selling Your Home in Today’s Market
Selling a house goes beyond merely placing a “for sale” sign in your yard. Numerous factors must be considered to optimize the sale process, including market awareness, home preparation, and pricing strategies.
The Importance of Accurate Pricing
One of the most critical aspects of selling your home is determining an appropriate asking price. According to Joel Berner, a senior economist at Realtor.com, pricing your home correctly from the outset is essential to avoid prolonged market listings and eventual price reductions.
“Getting the price right to start is really important,” stated Berner.
Amanda Pendleton, a home trend expert at Zillow, echoed this sentiment, noting that well-priced homes typically sell within weeks, unlike those incorrectly priced, which may linger on the market for two months or longer.
Current Market Dynamics
The housing market has seen an uptick in home sale listings this year, leading to increased competition among sellers. Recent data from Realtor.com indicates that the number of new listings increased by 0.1% for the week ending March 1, marking the eighth consecutive week of growth. Additionally, available inventory surged by 27.5% compared to the previous year.
Nonetheless, sellers are experiencing longer selling times, with the average listing now on the market for about 66 days—the longest duration since February 2020. Furthermore, in February, 16.8% of listings needed price reductions, the highest February rate since 2021.
Strategies for Setting the Right Price
To establish an accurate valuation of your home and set a reasonable listing price, Berner recommends the following steps:
- Investigate recent sales of comparable homes that share similarities in size, amenities, and condition.
- Assess your equity needs to ensure you cover down payments, closing costs, and moving expenses for your next property.
- Consider refraining from listing your home if you are concerned about underselling it.
For a preliminary valuation, automated valuation models (AVMs), which leverage algorithms and publicly available data, can provide a basic estimate. However, these estimates may not account for recent renovations or market changes.
For the most accurate assessment, it is advisable to hire a professional appraiser or real estate agent who can evaluate your home’s updates and surroundings more comprehensively.
“Hire an experienced local agent who’s going to know your neighborhood like the back of their hand,” Pendleton advised.
