If you’re trying to decide if now’s the time to sell your house, here’s what you should know. The limited number of homes available right now gives you a big advantage. That’s because there are more buyers out there than there are homes for sale. And, with so few homes on the market, buyers will have fewer options, so you set yourself up to get the most eyes possible on your house.
Here’s what industry experts are saying about why selling now has its benefits:
Lawrence Yun, Chief Economist at the National Association of Realtors (NAR):
“Inventory levels are still at historic lows. Consequently, multiple offers are returning on a good number of properties.”
“We have not seen the traditional uptick in new listings from existing homeowners, so undersupply of housing will continue to heighten market competition and put pressure on prices in most regions.Some markets are already heating up considerably, but price premiums that we saw last spring and summer are unlikely.”
Owning a home means having a place that’s solely your own and provides the space, features, and location you and your loved ones need. But what happens when your needs change? If this hits home for you, it may be time to make a move.
According to the latest Home Buyers and Sellers Generational Trends Report from the National Association of Realtors (NAR), the average person has lived in their current house for ten years. If you’ve been in your home for a while, think about how much in your life has changed since you moved in. Even if you thought it would be your forever home when you bought it, it doesn’t have to be. Work with a local real estate agent to explore all your options in today’s market before settling for your current home.
That’s actually what a lot of homeowners are doing right now. A recent survey from Realtor.com finds that, of people who are considering selling in 2023, one in three are thinking about moving because their home no longer meets their needs. And according to the same report from NAR, that’s consistent with this year’s top reasons for selling, which include:
Want to move closer to friends or family
Moving due to retirement
Home is too small or too large
Change in family situation
If things in your life have changed, it may be time to make a move. And there’s good news: it’s still a great time to sell. Here’s why.
We’re in a strong sellers’ market. That means homes listed at market value and in good condition are getting attention from buyers and selling quickly. Lean on your expert real estate advisor for the best advice on getting your house ready to sell.
Your equity can power your next move. There’s a good chance you have a significant amount of equity right now thanks to record levels of price appreciation in recent years. When you sell, you can use that equity to help afford your next home. In fact, NAR’s report from above shows 38% of recent buyers used the money from the sale of their previous home to cover the down payment on their next one. Work with a local real estate agent to learn how much equity you have and what you can do with it in today’s housing market.
If your home no longer meets your needs, consider selling it so you can find your dream home. Let’s connect so you can learn about your options.
Wondering if you should sell your house this year? As you make your decision, think about what’s motivating you to consider moving. A recent survey from realtor.com asked why homeowners are thinking about selling their houses this year. Here are the top two reasons (see graphic below):
Let’s break those reasons down and explore how they might resonate with you.
1. I Want To Take Advantage of the Current Market and Make a Profit
When you decide to sell your house, how much you’ll make from the sale will likely be top of mind. So, here’s some good news: according to the latest data, the average seller can expect a strong return on their investment when they make a move. ATTOM explains:
“The $112,000 profit on median-priced home sales in 2022 represented a 51.4% return on investment compared to the original purchase price, up from 44.6% last year and from 32.8% in 2020.”
Even though home prices have declined slightly in some markets, they’re still much higher overall than they were just a few years ago. To understand what’s happening with home prices in your area and the current value of your house, work with a local real estate professional. They can give you the best advice on how much you could gain if you sell this year.
2. My Home No Longer Meets My Needs
The average person has been in their house for ten years. That’s a long time when you think about how much may have changed in your life since you moved in. And typically, those changes have a direct impact on what you need in a home. Whether it’s more (or less) space, different features, or a location closer to your work or loved ones, your current house may no longer check all the boxes of what feels like home to you. If that’s the case, it could be time to work with a real estate agent to find a better fit.
If you’re thinking about selling your house, there’s probably a good reason for it. Let’s connect so you can make a move that’ll help you accomplish your goals this year.
To sell your home this spring, it may need more preparation than it would have a year or two ago. Today’s housing market has a different feel. There are more homes for sale than there were at this time last year, but inventory is still historically low. So, if a house has been sitting on the market for a while, that’s a sign it may not be hitting the mark for potential buyers. But here’s the thing. Right now, homes that are updated and priced at market value are still selling fast.
Today, homes with curb appeal that are presented well are still selling quickly, and sometimes over asking price. According to Danielle Hale, Chief Economist at realtor.com:
“In a market where costs are still high and buyers can be a little choosier, it makes sense they’re going to really zero in on the homes that are the most appealing.”
With the spring buying season just around the corner, now’s the time to start getting your house ready to sell. And the best way to determine where to spend your time and money is to work with a trusted real estate agent who can help you understand which improvements are most valuable in your local market.
Curb Appeal Wins
One way to prioritize updates that could bring a good return on your investment is to find smaller projects you can do yourself. Little updates that boost your curb appeal usually work well. Investopedia puts it this way:
“Curb-appeal projects make the property look good as soon as prospective buyers arrive. While these projects may not add a considerable amount of monetary value, they will help your home sell faster—and you can do a lot of the work yourself to save money and time.”
Small cosmetic updates, like refreshing some paint and power washing the exterior of your home, create a great first impression for buyers and help it stand out. Work with a real estate professional to find the low-cost projects you can tackle around your house that will appeal to buyers in your area.
Not All Updates Are Created Equal
When deciding what you need to do to your house before selling it, rememberyou’re making these repairs and updates for someone else. Prioritize projects that will help you sell faster or for more money over things that appeal to you as a homeowner.
The 2022 Remodeling Impact Report from the National Association of Realtors (NAR) highlights popular home improvements and what sort of return they bring for the investment (see graph below):
Remember to lean on your trusted real estate advisor for the best advice on the updates you should invest in. They’ll know what local buyers are looking for and have the latest insights of what your house needs to sell quickly this spring.
As we approach the spring season, now’s the time to get your house ready to sell. Let’s connect today so you can find out which updates make the most sense.
Curb appeal refers to a house’s exterior presentation, specifically what people see from the street or curb. It’s the very first impression the property makes on a person and can either entice them to step inside or cause them to lose interest immediately. When you are trying to sell a house, it’s essential to address its curb appeal. In fact, a Princeton University study found that people tend to establish their initial impression of a person or object within just a tenth of a second, so there’s no doubt that the initial presentation of your home matters!
If you’re looking to sell your home, follow these tips presented by Chris Garguilo of eXp Realty in Southeast Virginia to make sure your house’s first impression is a good one.
Give the Exterior a Deep Clean
Over time, dirt and grime from pollen, snow, and rain build up on the sides of your house. This can cause the paint to chip and fade and present an unattractive exterior. There’s no need to splurge big bucks on a brand-new paint job, however. Often, simply cleaning the side of your home with a pressure washer is enough to give it a new look. You can get an electric or gas pressure washer. Gas washers are generally better for larger jobs like exterior siding, according to Lowe’s. When cleaning the exterior, also take the time to polish the windows. Use a clean rag and vinegar for an all-natural solution to get them sparkling.
Add Some Color Out Front
Some strategically placed pops of color can help make your house look friendlier and more enticing from the curb. This is especially true if you’re trying to sell in winter when the landscape will otherwise be bleak and gray. All you need is some simple planters to put on either side of the front door or window boxes to adorn the front windows. Fill them with colourful blooms like petunias or snapdragons, which are all perfect for cultivation in window boxes. If you’re selling around the holidays, a seasonal decoration on the door (like a poinsettia wreath in December or Easter basket in spring) can also be a nice touch.
Use Landscaping Strategically
Landscaping can also be used to hide less attractive elements of your property. You can have bushes planted around these devices to hide them. Another strategic use of landscaping is for privacy. For example, you can install a wooden trellis and adorn it with vines or clinging plants to create private spaces around a patio or porch. Country Living also recommends layering growth. Instead of just one line of shrubs, stagger this visual barrier with other plants, like a couple of evergreen trees and a cluster of perennial grass.
You may want to install a fence as well. Many home buyers value fences as a way to keep their children and pets safe. Adding a fence can benefit you in other ways, too, as many types of home improvements have the added benefit of raising your home’s appraisal value.
Mow the Lawn, Trim the trees, and Prune the Bushes
When it comes to tackling your landscaping, start with the basics. Get out the gardening tools and trim trees, bushes, and grass. This will present a well-kept, manicured appearance instead of a sloppy one. If the edges of the lawn are ragged and poorly defined, you can add shrubbery or low-rise hedges for a more clean-cut appearance.
If you aren’t sure how to go about it, hire a professional gardener to do the job and keep your yard in order throughout the year, regardless of the season. They will know how to beautify your lawn with strategic landscape planning and can also take care of planting and weeding. With insider knowledge of details like what fertilizer works best for what plants, they can create a lush oasis outside of your front door.
When selling a property, you want to do everything you can to maximize your potential profit. Investing some time and money into your home’s curb appeal is a worthwhile step. Take the steps outlined above and you will be well on your way.
When you’re ready to begin your search for a new home, let Chris Garguilo of eXp Realty in Southeast Virginia lead the way. Get in touch with Chris by calling (757) 876-7443.