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Ariel Skelley/Getty Images September 06, 2022 Holly Johnson writes expert content on personal finance, credit cards, loyalty and insurance topics. In addition to writing for Bankrate and CreditCards.com, Johnson does ongoing work for clients that include CNN, Forbes Advisor, LendingTree, Time Magazine and more. Michele Petry is a senior editor for Bankrate, leading the site’s real estate content. Bankrate logo The Bankrate promise
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Founded in 1976, Bankrate has a long track record of helping people make smart financial choices. We’ve maintained this reputation for over four decades by demystifying the financial decision-making process and giving people confidence in which actions to take next. Bankrate follows a strict , so you can trust that we’re putting your interests first. All of our content is authored by and edited by , who ensure everything we publish is objective, accurate and trustworthy. Buying or selling a home is one of the biggest financial decisions an individual will ever make. Our real estate reporters and editors focus on educating consumers about this life-changing transaction and how to navigate the complex and ever-changing housing market. From finding an agent to closing and beyond, our goal is to help you feel confident that you're making the best, and smartest, real estate deal possible. Bankrate logo Editorial integrity
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You have money questions. Bankrate has answers. Our experts have been helping you master your money for over four decades. We continually strive to provide consumers with the expert advice and tools needed to succeed throughout life’s financial journey. Bankrate follows a strict , so you can trust that our content is honest and accurate. Our award-winning editors and reporters create honest and accurate content to help you make the right financial decisions. The content created by our editorial staff is objective, factual, and not influenced by our advertisers. We’re transparent about how we are able to bring quality content, competitive rates, and useful tools to you by explaining how we make money. Bankrate.com is an independent, advertising-supported publisher and comparison service. We are compensated in exchange for placement of sponsored products and, services, or by you clicking on certain links posted on our site. Therefore, this compensation may impact how, where and in what order products appear within listing categories. Other factors, such as our own proprietary website rules and whether a product is offered in your area or at your self-selected credit score range can also impact how and where products appear on this site. While we strive to provide a wide range offers, Bankrate does not include information about every financial or credit product or service. After at least two years of going gangbusters, the real estate market is finally beginning to . Mortgage interest rates ticked up during much of 2022, dampening home buying enthusiasm for some. That reality, combined with and home prices that remain relatively high, has slowed sales activity. What does it all mean for those who hope to for the spring sales surge? You’ll need to act quickly. Getting to the closing table sooner rather than later may require adjusting your expectations and approach to reflect the current market dynamics. Here are six steps you can take to before the new year arrives.
1 Set a realistic asking price
First things first. Experts say you’ll want to jump into the housing market with a realistic that has the potential to stick. It’s important to price your home , not emotion. This part can be hard for sellers to wrap their heads around, since many want to “test the market” with a higher sale price, figuring they can drop it later. This approach, however, is a mistake, says Chicago real estate agent David Cahill. “If your home is priced too high, it can be very difficult to overcome, even when you eventually reduce the price,” he says. This is one area where you should probably let your agent lead the way. A good will do a that helps you price your home based on recent comparable sales in your area — not just hopes and dreams. The best agents will even go the extra mile to find out the prices of comparable homes with a recent or pending sale in process, Cahill says. You’re paying your agent for their professional advice and expertise, so when they suggest a sale price based on mountains of research, you should listen.
2 Ask your agent for first look feedback
Homeowners hoping to unload their properties by year’s end will need to enter the market with their best foot forward. This means making your house easy to sell by keeping it free of glaring problems. Michael Kelczewski, an agent with Brandywine Fine Properties Sotheby’s International Realty in the Greater Philadelphia area, says you should ask your agent for feedback and carefully consider all of it, both positive and critical. It’s also a good idea to have your agent gather buyer feedback from people who tour your property, so you can understand what buyers love (and don’t love) about your home. Your agent will be able to point out defects you’ve overlooked or gotten used to, like forgotten windows with cracked seals or your teenager’s wall-to-wall heavy metal posters. Or perhaps they’ll remind you that most people want to park their car in their garage, instead of using it to store boxes. Consider agent feedback carefully and implement their suggested changes to avoid potentially losing out on a sale due to a minor issue.
3 Clean organize and declutter
It’s possible your agent will advise you to take down family photos and clear out your closets right away, but you should plan for a major cleanup regardless. “Do everything within your budget to ensure your home gives a great first impression,” says Cahill. For example, give your front door a fresh coat of paint, trim back overgrown shrubs and keep your lawn in tip-top shape. While your home is on the market, the interior should also be clean and ready for a last-minute showing at all times. Cahill says to start by removing clutter, taking down busy decorations and getting rid of any oversized furniture. “Rent a storage unit if you need to,” he says. Stay on top of cleanliness by taking time to wipe down counters, sweep floors and touch up bathrooms every day. Nobody wants to buy a dirty house.
4 Consider hiring a professional stager
If you have the cleaning part down but need help making your home more visually appealing, you can also consider . Home stagers arrange (and sometimes provide) furniture, art and decor to make your home feel modern and increase your chances of a speedy offer — especially important for a home that feels dated. Does staging work? Most experts say it does. In fact, a recent showed that 82 percent of buyer’s agents said staging helped their clients envision living in that specific home. In addition, 41 percent of buyers were more willing to tour a home they saw online that had been staged. Also, 31 percent of seller’s agents said they staged all of their clients’ homes before putting them on the market, while 13 percent reported staging homes only if those properties were difficult to sell otherwise.
5 Spring for professional photos and videos
Whereas potential buyers used to peruse the local newspaper for new home listings years ago, most home marketing is done online now. This happens through , real estate websites, email marketing or a combination of all of these avenues. Susan Bozinovic, a Realtor with Century 21 Town & Country in Troy, Michigan, says this is why high-quality pictures are crucial if you hope to achieve a quick sale. Hire a photographer to take professional pictures, and consider having your real estate agent’s office create a marketing video — drone photography might also be an important factor to sell a sprawling property with a lot of land or a ton of outdoor features, she adds. Bozinovic also emphasizes the importance of social media marketing. “I’ve found that running ads on Facebook is superior to any other social media space, because the audience can be targeted very specifically,” she says.
6 Get a pre-sale home inspection
Never assume your home is in perfect physical condition; take the time to make sure. Paying for a upfront is optional, but it’s typically a safe bet. With prior knowledge of issues — like missing shingles on your roof or faulty electrical work, for example — you can fix the problem before it becomes a bigger problem. Hiring an inspector to conduct a thorough your home may even “inspire greater confidence in your home’s condition among potential buyers,” says Cahill. This is true even though most savvy buyers will likely hire their own inspector as well. Cahill also notes that, if you take the time to fix big problems discovered in an inspection before a sale is underway, the negation process could be “short and sweet.” Bottom line
A speedy home sale could be in your future if you take steps to avoid common problems that turn off potential buyers. This includes simply making sure your home is tidy and clean, but it also means uncovering major defects or repair needs before someone else does. There’s still plenty of time to get to the closing table before the end of the year. Working with an experienced real estate agent who knows the local market trends and can help you set a realistic price are key pieces to the puzzle. SHARE: Holly Johnson writes expert content on personal finance, credit cards, loyalty and insurance topics. In addition to writing for Bankrate and CreditCards.com, Johnson does ongoing work for clients that include CNN, Forbes Advisor, LendingTree, Time Magazine and more. Michele Petry is a senior editor for Bankrate, leading the site’s real estate content. Related Articles