Recent Home-Selling Rules You Should Break
The pandemic created a seller's dream in the real estate market, but many of the trends have changed. If you're looking to sell and get the best possible outcome, you may want to consider breaking some of the common home-selling rules you may have heard recently.
"Set your price as high as you want"
At the peak of the pandemic, you could easily price your home above market value and still create a bidding war. With more options becoming available in the current market, you're better off setting the right price at the start. Most markets will see at least a 10% decrease in sales price over the next year and a half.
"Sell as is"
Many sellers were able to get multiple offers without much-needed repairs, but post-pandemic, this isn't the case. A recent HarrisX and Realtor.com survey of 449 Americans who sold their home in the past 12 months found that sellers "are giving into buyers' requests on a number of things that might have seemed unthinkable just months ago." Buyers are looking for the home inspection contingency again and requesting repairs pre-sale. In fact, now that the inventory is increasing, you're more likely to get the best offer by also taking the time to stage your home before listing it.
"Your home will sell fast"
Pre-pandemic, the average home took anywhere from three months to a year to sell. Once COVID hit, homes sold within days of listing because of the limited amount on the market. Today, the trend is moving toward more days on market. In fact, recent statistics found the average time on the market for a home is 50 days. That's seven days more than last year, but still 18 days less than the typical time before the pandemic.
"It doesn't matter when you list your home"
During the pandemic, you'd get offers regardless of the season. Now, trends are showing a return to the more traditional selling cycle, with spring and summer getting the most sales.
Despite this gradual shift in buyer behavior, there's no denying that there's still plenty of interest. If you're looking to sell your home, partner with an agent at JJ Elek Realty. We'll help you navigate the market and get the best deal possible.
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