REAL ESTATE SPECIAL SECTION SUMMER 2024
HOW TO GET TOP DOLLAR IN A SELLER ’ S MARKET
High demand and low inventory make up a seller ’ s market in real estate . Listing your home in a seller ’ s market could be the difference of having your home sell in days versus months . Demand for houses typically drives up competition , allowing sellers to potentially receive above asking price for their homes . But listing in a seller ’ s market doesn ’ t automatically guarantee your home will sell quickly . You still need to take the time to find a good real estate agent , ready your home to be listed , and do some research on the housing market in your neighborhood .
Spring kicked off the most popular time to buy a home , but summer continues to heat up the market . The bad news ? Inventory is still low , keeping home prices high , but the good news is that mortgage rates are trending lower as inflation pressures ease .
Inventory of homes for sale during the summer months typically increases as school lets out , parents become empty nesters looking for more manageable-sized homes , and allaround curb appeal is at its best . While homes are coming onto the market , selection still isn ’ t what it used to be pre-pandemic , and pent-up demand from homebuyers waiting out the high mortgage rates is keeping it a seller ’ s market in the region .
Competition between buyers continues to play a role in increased home prices and homes being on the market for a very short period of time . It ’ s best for those looking to buy to make sure they are well-prepared when they start their search . Knowing what you can afford or what you ’ re willing to spend is critical when making an offer on a home in this market . Yet even as more listings start to come on the market , many buyers are still facing the impact from previous years ’ home price hikes and mortgage rate increases .
Previous hikes in interest rates on 30-year mortgages paired with an increase in home prices really hit new homebuyers hard , pricing many out of the market last year . In 2024 , winds may be shifting slightly in favor of a slow downward change in interest rates , giving new hope to those looking to put down roots . From 2023 , rates are already down , with a forecasted decrease of nearly 2 % by the end of the year .
Whether you ’ re buying or selling this summer , the process can be an emotional one , especially in a competitive landscape . Be sure to arm yourself with knowledge and know-how before you hit the market . Enlist the help of a professional real estate agent to help guide you on the journey .
Once you decide you are ready to take the next step and sell your home , do some research on real estate agents in your area . Ask family , friends , and coworkers for recommendations and feedback on why they liked their agents . Once you have a few recommendations , reach out to them to learn more about their experience in selling homes like yours , the types of clients they usually work with , and to gauge if your personalities jibe . It ’ s critical to have someone you can trust .
Upon hiring , ask your agent to do a walkthrough of your home from the outside in , to provide you with constructive feedback on how to best ready your home for a buyer ’ s eyes . Be sure to keep an open mind when hearing feedback because decorations or paint colors that appealed to you may not appeal to potential buyers .
Once your home is ready to list , work with your agent to do some research on the housing market in your neighborhood . In a seller ’ s market , you may be able to list slightly higher because of limited inventory , but you ’ ll still need to list at a fair market value . If you list too high , it will immediately turn buyers off .
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