The once red-hot seller's market that garnered multiple offers in the first few days of a listing is no longer the norm. While the housing market is still favoring home sellers, the real estate market is changing. This means sellers need to take a more calculated and careful approach to listing a home right now. If you're planning to sell your home in the coming months, you'll definitely make sure you read this first.
Price is more important than ever
Newly listed homes rose by 4.5%, which is in line with pre-pandemic levels. More sellers are listing their homes to take advantage of today's pricing before things shift, meaning buyers have more options when shopping.
June marked the largest jump in inventory in history -- an 18.7% increase from the year prior -- but it's still well below 2019 levels. Housing inventory remains thin, despite the recent uptick, which means the market still favors higher pricing due to limited supply. But rising interest rates are putting a damper on growth. People are getting priced out of the market due to higher mortgage rates combined with record-high home prices.
Price reductions, while still below pre-pandemic levels, are rising thanks to these new pressures. It's super important right now to be realistic about pricing and ensure the price is right at the time of listing. This increases the chances of getting it sold faster and for top dollar. Homes that sit on the market are susceptible to mortgage rate changes that could result in higher interest rates for buyers. This prices more people out of the market and could result in you having to reduce your price to sell.
Selling quickly and having buyers lock in rates while they're still relatively low should be a major focus right now. Speak with an experienced Realtor in your market to get a better understanding of the right list price given the supply and demand in your particular area.
Make your first impression count
More inventory and choices for buyers mean it's important to make your property stand out to compete in an increasingly fierce marketplace. Properties listed with professional photos or using virtual staging technology and 3D tours are known to outperform listings that don't. They often sell faster and for a higher price.
If you work with a local Realtor, make sure they are integrating professional-quality photos or tours into your listing strategy. And consider decluttering your home or making your furnishings and decor more neutral to appeal to a wider audience.
The good news is that it's still very much a seller's market despite the growing inventory. There's a good chance that if the property is priced right and presented professionally in the listing, it will sell quickly and for top dollar. If you've been wanting to sell, I recommend doing it now before the market shifts.