“The current conditions offer potential for home buyers and sellers alike,” Nick Bailey, president and CEO of RE/MAX said in a press release about the latest national housing report. “For those interested in selling, demand for properties remains high; and, for buyers entering the market, this spring can be a prime time to make a move.”
Tomas Satas, founder and CEO of Windy City HomeBuyer, said he didn’t have an issue when he recently sold a home in Chicago, but he noted that sellers in other markets may not have the same experience.
“Selling was not difficult here in Chicago, but the Midwest has not been hit hard by the shrinking market,” he said. “If I were in San Francisco and had gotten a mortgage in the past two years, I would have lost money. Each city, and even each neighborhood, is its own microcosm of the real estate market.”
Mark Joseph, founder of Parental Queries, said that doing research to ensure he priced his home right helped him get his home off the market.
“When I decided to list my house, I considered the local real estate market and how it could impact the sale of my home,” he said. “Factors like current demand, average time on the market for properties with similar features, and active buyer profiles in the area all weighed heavily into my decision-making process. I used this information to determine the optimal listing price, which gave buyers a realistic expectation of my home’s worth. Researching the local real estate market and understanding the current demand for properties like yours can help you set an appropriate price point.”
Another thing that helped him sell his house was marketing.
“When I listed my home, I was sure to market it through multiple channels,” Joseph said. “This helped ensure that any potential buyers interested in the property had an opportunity to view it and make an offer. With so many people searching online, I ensured my house was featured on the major real estate sites. It helped me get a lot of interest in my property and eventually allowed me to find a buyer.”
Homes Are Still Selling Fast
Brenton Thomas, founder and CEO at Twibi, said his decision to list his home in recent months “was driven by a combination of personal and market factors. With the current real estate market trends, I knew that it was a great time to sell due to the high demand and low inventory. Additionally, I was personally ready for a change and wanted to take advantage of the opportunity to capitalize on the market’s momentum.”
Thomas offered the following tips for other sellers in the current market: “I recommend working with an experienced real estate agent who has a deep understanding of the current market conditions and can help you price your property competitively. It’s also important to invest in staging and professional photography to showcase your property in the best light. And finally, be prepared for a potentially fast-paced and competitive selling process, so stay flexible and responsive to buyer feedback and offers.”
Tips for Selling in the Current Market
If you’re currently selling your home, you may want to take the advice of those who recently have been through it and be sure to do competitive research before setting a price, use multiple channels to market your home, use an experienced real estate agent, invest in staging and professional photos, and be responsive to buyers in a fast-moving market.
Here are a few more tips.
Make Your Home Stand Out From Other Homes in the Area
“With so many homes on the market, it’s important to make sure your home stands out,” said Troy Robillard, a Realtor with Premiere Plus Realty, Co. “Consider making minor repairs and improvements to enhance the appeal of your property.”
Be Flexible With Your Terms
“In a buyer’s market, buyers have more negotiating power, so it’s important to be flexible with your terms,” Robillard said. “Consider offering incentives, such as covering closing costs, to sweeten the deal and make your home more attractive to potential buyers.”
Homes are staying on the market for longer, so it’s important to be patient.
“Don’t get discouraged if your home doesn’t sell right away,” Robillard said. “Stay committed to the process, and be willing to make adjustments as needed to increase your chances of success.”