The real estate market is something you’ve probably been hearing a lot about lately – are we headed for a crash? Is it a good time to buy? Can sellers fetch the highest price? Whatever side of the transaction you’re going to be on, all this information can definitely leave you feeling very overwhelmed and unsure about your best move.
In any market conditions, there will always be people who need to buy and sell a home, and if you’re in this position, it’s important to be aware of what’s going on so you can have the best possible outcome – especially if you’re a seller. Here are the crucial things you need to know about putting your home on the market in 2022.
Your Goals
This isn’t the easiest market to be a seller, but the truth is, the people who are selling right now are motivated by life events. Ultimately, there’s no such thing as a wrong time to sell because your goals will always drive what you do. You could have gotten a really great job offer in another city, so you and your family have to pack up and make a move. You might decide to downsize for financial reasons. Your family could be growing, and you and your spouse can’t cram a baby into a small apartment. You might be seeking a bigger space because you’ve switched to work-from-home full-time.
You could be going through a divorce, and selling the home is the best course of action for everyone involved. According to Laura Gillis, a family lawyer in Phoenix, “the family home can become a huge point of contention, heartache, and frustration in a split. Selling the home can give people a chance to walk away from this and both start fresh in a new home. When done right, the sale can benefit everyone involved.” People will tell you a lot about it being a bad time to sell, but that’s never determined by the market; it’s determined by doing what’s right for you in the season of your life.
The Market
Now that we’ve established that there’s no “perfect time” to sell your home, it is very important to understand the market and how it might affect the process of getting on the market. So for a very long time, it was what’s known as a seller’s market – there was so little inventory that the homes that were on the market sold way above asking with multiple offers too. This dynamic has completely shifted in recent months. Due to rising interest rates, there are way more homes on the market than ever before, so that bidding war environment is gone. Now buyers have way more leverage over sellers, so you can’t expect your home to sell at the drop of a hat, and you definitely can’t expect the home to sell for a lot more than it’s listed for. In this environment, it’s really important to work with a great agent who can prepare you for the market and set you up for success. If not, you’ll bear the brunt of price reductions and heavy delays that will hamper your move to your next home.
The House
Because homes aren’t selling as quickly as they were last year, when your home does go on the market, it has to scream “buy me” to a buyer. Before you put your home on the market, a lot of things have to be dialed in so it appeals to many potential buyers. That means the home has to be in great condition, painted, modern, appealing, and definitely not cluttered. It’s really important that it stops feeling like your specific home and more like a house that someone would want for themselves. You might have to go a step further and remove the more personalized aspects of your home so that the qualities of the house itself shine through. This isn’t a market where an outdated, cluttered home can sell in a decent time frame for a good price. It’s worth putting effort into getting this right from the start so that your home doesn’t sit on the market – or worse, not sell at all. Again an experienced agent will put strategies in place that will allow the home to truly shine when people view it.
Selling your home in a changing market comes with its own set of challenges and considerations, but the truth is, if you have to sell, you have to sell. Just because things are different doesn’t mean you can’t have a smooth and even enjoyable real estate experience. When you know what’s going on, you can perfect your strategy accordingly, and that will lead to success.
