Tips

5 Strategies to Help Sell Your Home in 2023: Tips From A Local Real Estate Professional

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Picture of a house for sale

Are you thinking about selling your home? It’s a big decision, and it’s natural to want all the help you can get. That’s why I’m sharing my best advice and I’ve compiled it into a few key tips. Whether your goal is to attract high offers, sell quickly, or just make the process go smoothly, these strategies will help you get the best possible results.

One of the most effective ways to sell your home fast and get the returns you want is to work with a professional real estate agent. Not only do they have the expertise to help you with tasks like pricing, marketing, and negotiations, but they also often have a network of connections to help you prepare your home for sale. It’s no surprise, then, that only 10% of homes are sold by owner (FSBO), according to the National Association of Realtors® (NAR). In fact, a NAR report found that the median FSBO home sells for $105,000 less than homes sold with the help of an agent.

As the housing market continues to adjust in 2023, it’s important to remember that buyers are no longer as eager to make offers above the listing price, waive contingencies, or get into bidding wars. Instead, top agents are advising motivated sellers to focus on tried-and-true strategies. Here are some tips to help you sell your home successfully:

Work With A High Quality Agent

Did you know that a top agent can help clients sell their homes for up to 10% more than the average real estate agent? When you work with me you’ll get the same hard work, attention to detail, and marketing that my team and I provide to everyone.

Enhance the interior of your home

If you want to show off your home’s value to potential buyers, start by making some improvements to the interior. These are some of the most impactful changes you can make:

Tackle repairs and upgrades: One of the quickest ways to set your home up for a fast sale is to tackle any deferred maintenance and necessary repairs. However, it’s important to do your research and focus on the upgrades that will give you the highest return on investment (ROI) and that are in high demand in your area. To get a sense of current preferences, you can visit open houses in the neighborhood, or you can hire a professional to conduct a pre-listing inspection. This will help you identify any essential repairs that could hold up the sale of your home later on. I also help my clients in their decision making by advising them about what people are looking for and touring their home before they start renovations or improvements.

Deep clean the interior: A thorough cleaning can help you sell your home in several ways. It prevents potential buyers from getting distracted by dirt or clutter, enhances the features of your home that might otherwise go unnoticed, and reassures buyers that there aren’t any other neglected amenities hiding in your home. For older homes in particular, it might be worth hiring a professional cleaning service to make sure every corner is sparkling.

Depersonalize and stage the space: It’s important to remove personal items and clutter from your home to make it easier for buyers to envision themselves living there. You should also consider staging the space to highlight the best features of your home and make it feel more inviting. This might involve rearranging furniture, adding some pops of color with decorative accessories, or bringing in some greenery to add life to the space.

Improve your home’s curb appeal

The first thing buyers see when they pull up to your home is the exterior, so it’s important to make a good impression. Here are some ways to enhance your home’s curb appeal:

Spruce up the landscaping: A well-manicured lawn and nicely trimmed bushes can go a long way in creating a positive first impression. If your landscaping is looking a bit overgrown, consider hiring a professional to tidy it up. You might also want to add some colorful flowers or potted plants to add a splash of color.

Touch up the paint: If your home’s exterior is looking a bit shabby, a fresh coat of paint can make a big difference. Choose a neutral color that will appeal to a wide range of buyers, and be sure to pay attention to details like trim and shutters.

Add some exterior lighting: Exterior lighting can create a warm and welcoming ambiance, and it’s also a practical feature that can help with safety and security. Consider adding some lanterns, sconces, or floodlights to highlight your home’s best features.

Be flexible and open to negotiation

While it’s important to have a clear idea of what you want to get out of the sale of your home, it’s also crucial to be open to negotiation. Buyers may come to the table with requests or counteroffers, and it’s up to you to decide whether or not you’re willing to compromise. It can be helpful to have a real estate agent by your side to advise you on what’s reasonable and what’s not.

Price your home correctly

Pricing your home correctly is essential to attracting buyers and getting the best possible return on your investment. If you price your home too high, it may sit on the market for too long and turn off potential buyers. On the other hand, if you price it too low, you’ll leave money on the table. A real estate agent can help you determine the right price based on market conditions and local demand, as well as the features and condition of your home.

By following these tips, you’ll be well on your way to a successful and profitable home sale. With the right strategy and a little bit of effort, you can achieve your home selling goals.

Contact me today to start a conversation about selling your home and how I can help you all throughout the process.

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The Pros and Cons of Buying an ‘As Is’ Property: What You Need to Know Before Making a Purchase

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Have you ever come across the term “as is” in a real estate listing and wondered what it means? Essentially, an “as is” sale means that the seller is selling the property in its current condition and will not be making any repairs or improvements before the sale. This can be because the seller doesn’t have the funds or desire to fix any issues with the property, or because the property has been through foreclosure or inherited by an estate agent who doesn’t know its condition.

While this may sound like a red flag to some buyers, others, such as real estate investors, may see it as an opportunity. These properties often have lower list prices, and the sellers may be open to negotiating even lower offers. However, it’s important to keep in mind that an “as is” sale can also be risky. You could be getting a bargain, but you could also be throwing your money into a black hole if the property has serious issues that are not immediately apparent.

So, should you consider buying an “as is” property? It’s definitely worth considering, especially if you’re able to negotiate a lower price. However, it’s essential to take one precaution before making a purchase: a home inspection. This will give you a better understanding of any issues that the property may have, both current and potential. A home inspection typically costs around $300 to $800 and is paid for by the buyer (not the seller), as this ensures that the inspector is not working for the seller’s interests.

But the home inspection is just the first step in the process of buying an “as is” property. It’s also important to be aware of your legal rights as a buyer. Even if a property is being sold “as is,” the seller is still required to disclose any known issues. And as a buyer, you can still negotiate an offer that is contingent upon a home inspection.

So, while an “as is” sale can potentially be a good deal, it’s important to be cautious and do your due diligence. Don’t let the promise of a low price cloud your judgment – make sure to thoroughly inspect the property and understand any potential issues before committing to a purchase. It may take a little extra time and effort, but it will be worth it in the long run to ensure that you’re making a wise investment.

Mortgage Rates Will Come Down, It’s Just a Matter of Time

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This past year, rising mortgage rates have slowed the red-hot housing market. Over the past nine months, we’ve seen fewer homes sold than the previous month as home price growth has slowed. All of this is due to the fact that the average 30-year fixed mortgage rate has doubled this year, severely limiting homebuying power for consumers. And, this month, the average rate for financing a home briefly rose over 7% before coming back down into the high 6% range. But we’re starting to see a hint of what mortgage interest rates could look like next year.

Inflation Is the Enemy of Long-Term Interest Rates

As long as inflation is high, we’ll see higher mortgage rates. Over the past couple of weeks, we’ve seen indications that inflation may be cooling, giving us a glimpse into what may happen in the future. The mortgage market is eagerly awaiting positive news on inflation. As Ali Wolf, Chief Economist at Zonda, says:

“The housing market is expected to face continued uncertainty heading into 2023 as consumers, financial markets, and policymakers work through their respective challenges in today’s economy. . . . we are watching for any additional stability in the MBS market, signs of cooling inflation, and/or less aggressive Federal Reserve action to give us confidence that mortgage rates are past their peak.”

What Does This Mean for the Future of Mortgage Rates?

As we get through the inflation battle and start to see that coming down, we should expect mortgage rates to follow. We’ve seen nods of this over the past couple of weeks. As the Federal Reserve works to bring inflation down, mortgage rates will come down as well. Bill McBride from Calculated Risk says:

“My current view is inflation will ease quicker than the Fed currently expects.”

As we look toward next year, we certainly hope he’s right.

Bottom Line

Mortgage rates will come down – it’s just a matter of time. The hope is we continue to see more positive news on inflation, and that’ll bring mortgage rates down. This will give prospective homebuyers more buying power and lead to more homeowners throughout the country.

* This post was first published here.

Should You Update Your House Before You Sell? Ask a Real Estate Professional. [INFOGRAPHIC]

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Some Highlights

  • You may be wondering what needs to be renovated before you sell your house. In today’s shifting market, making your house appealing is more important than ever.
  • That’s why it’s essential to lean on a real estate professional who has in-depth knowledge of today’s housing market. They know what buyers are looking for and how to highlight any upgrades you make.
  • Let’s connect so you know where to focus your efforts so your house will stand out in a today’s market.

* This post first appeared here.

Home Equity: A Source of Strength for Homeowners Today

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Home Equity: A Source of Strength for Homeowners Today | Simplifying The Market

Experts agree there’s no chance of a large-scale foreclosure crisis like we saw back in 2008, and that’s good news for the housing market. As Mark Fleming, Chief Economist at First American, says:

“. . . don’t expect a housing bust like the mid-2000s, as lending standards in this housing cycle have been much tighter and homeowners have historically high levels of home equity, so there likely won’t be a surge in foreclosures.”

Data from the Mortgage Bankers Association(MBA) helps tell this story. It shows the overall percentage of homeowners at risk is decreasing significantly with time (see graph below):But even though the volume of homeowners at risk is very low, there is still a small percentage of homeowners who may be coming face to face with foreclosure as a possibility today. If you’re facing difficulties yourself, it can help to understand your options. It starts with knowing what foreclosure is. Investopedia defines it like this:

“Typically, default is triggered when a borrower misses a specific number of monthly payments . . .Foreclosure is the legal process by which a lender attempts to recover the amount owed on a defaulted loan by taking ownership of and selling the mortgaged property.” 

The good news is there are alternatives available to help you avoid going through the foreclosure process, including:

  • Reinstatement
  • Loan modification
  • Deed-in-lieu of foreclosure
  • Short sale

But before you go down any of those paths, it’s worth seeing if you have enough equity in your home to sell it and protect your investment.

You May Be Able To Use Your Equity To Sell Your House

Equity is the difference between what you owe on the home and its market value based on factors like price appreciation. In today’s real estate market, many homeowners have far more equity in their homes than they realize due to the home price appreciation we’ve seen over the past few years. According to CoreLogic:

“The total average equity per borrower has now reached almost $300,000, the highest in the data series.”

So, what does that mean for you? If you’ve lived in your house for at least a few years or more, chances are your home’s value, and your equity, has risen dramatically. In addition, the mortgage payments you’ve made during that time chipped away at the balance of your loan. If your home’s current value is higher than what you still owe on your loan, you may be able to use that increase to your advantage. Rick Sharga, Executive VP of Market Intelligence at ATTOM Data, explains how equity can help:

“Very few of the properties entering the foreclosure process have reverted to the lender at the end of the foreclosure. . . We believe that this may be an indication that borrowers are leveraging their equity and selling their homes rather than risking the loss of their equity in a foreclosure auction.”

Lean on Experts To Explore Your Options

To find out how much equity you have, work with a local real estate professional. They can give you an estimate of what your house could sell for based on recent sales of similar homes in your area. You may be able to sell your house to avoid foreclosure. If you find out you have to pursue other options, your agent can help with that too. They’ll be able to connect you with other professionals in the industry, like housing counselors, who can look into your unique situation and offer advice on next steps if selling isn’t your best alternative.

Bottom Line

If you’re a homeowner facing hardship, let’s connect so you have an expert on your side to explore your options and see if you can sell your house to avoid foreclosure.

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