Secrets To Selling Your House Quickly
Seeing your house sit on the market without any bites is the ultimate frustration. And unfortunately, some Santa Fe Sellers are in that tricky spot today.
According to data from the National Association of Realtors (NAR), the average time a house spends on the market has increased over the past few years (see graph below):
“During the week ending Sept. 14, homes stayed on the market eight days longer compared to last year. With more choices available and mortgage rates expected to fall, buyers are taking their time, which means sellers will need to be patient and flexible.” from a recent post by the National Association of Realtors.
Some of that is because inventory has gone up nationwide, so buyers have more options. At the same time, many Santa Fe buyers come from other areas, such as Texas, California, Utah, Colorado, Arizona and Oklahoma. If future Santa Fe buyers have homes for sale in those markets and days on market are longer, this impacts our local Santa Fe market in a negative way. And higher mortgage rates have definitely slowed demand over the past two years, and that’s out of your control. But here’s the secret. There’s something you can control – it’s also where those other sellers missed the mark. They didn’t work with the right agent.
Make no mistake, with the right strategy and agent partner, your house can still sell quickly, even today.
If time matters to you, you need to partner with an experienced Santa Fe listing specialist who understands our shifting market. That agent will be your go-to resource on what buyers are looking for right now, and how to position your home to hit the mark.
Here are just a few tips that Emily Medvec will walk you through. They may seem simple, but advice like this can make all the difference.
- Competitive Pricing: One of the most critical factors in selling your home quickly is setting the right price. A competitive market analysis by reviewing recent sales and current listings for your area is just the beginning. The next will be to visit your future competition so you can experience those homes in person. Nex, Emily will use that data and your experience of your competion to make sure your home is priced accurately for today’s market. Her strategic pricing system is the best way to make sure you’re hitting the sweet spot on price. If you don’t use an experienced agent for this, it can really slow your process down. As U.S. News says:
“. . . setting an unrealistically high price with the idea that you can come down later doesn’t work in real estate . . . A home that’s overpriced in the beginning tends to stay on the market longer, even after the price is cut, because buyers think there must be something wrong with it.”
- The Home’s Condition: Homes that are well maintained, have great curb appeal, and are updated with modern finishes tend to sell faster. So, if speed is a priority, make sure your house makes a great first impression. An agent is a key resource on what buyers will be looking for, if staging is worthwhile, and what repairs you need to tackle prior to going on the market. Emily recommends a pre-listing inspection to give you leverage and a better understanding of what future buyers will discover. Today’s buyers no longer want to fix your home after it is purchased.
Ramsey Solutions offers this advice:
“In the spirit of selling your home fast, take care of things now that will be a problem in the closing process. Talk to your agent about fixes you’ll need to make to pass the home inspection, like: plumbing problems, roof damage, electrical issues, HVAC glitches. . . These are issues you’ll be expected to take care of before any buyers close on your house—you might as well get ahead of the game to help your home sell faster.”
- Incentives and Extras: If you want to stand out from those other homes on the market, offering incentives or concessions, like help with the buyer’s closing costs, a home warranty, or including additional items (like appliances or furniture) with the sale can sweeten the deal for buyers. An experienced agent should suggest theii best incentives to offer based on current market conditions and buyer expectations, so you can close the sale even faster. At the same time, due the changes in the buying and selling process which now impact who pays the Buyer Broker, everything including commissions must be on the table.
Bottom Line
Selling a home quickly in a shifting market requires a strategic approach and an in-depth understanding of what buyers want. That’s why partnering with a local real estate agent is so important. As Forbes says:
“When time is of the essence, you can’t afford to take a chance on an inexperienced housing professional. Instead, you’ll want to work with a real estate agent who knows your market and has helped sellers in your situation before.”
Let’s connect to make sure you’re set up for success. There is no fee for a confidential conversation or obligation. I believe local market information is invaluable as well as a current home value. My focus is to make sure you have all the information you need to make the best decision for your next move.
Thanks for reading, Emily Medvec