Home values continue to rise, but not as fast, thanks to continued low inventory.
According to the National Association of Realtors, existing home sales stayed on course, an upward trajectory, in the month of September. Sales jumped upward by 7% during the month.
In the west, existing home sales rose by 6.5%, demonstrating the market’s continued forward movement.
From preowned single homes to the sales of townhouses and condos, overall sales reached 6.29 million units in September. That’s compared to 5.88 million sold in the previous month.
When broken down, single-family home sales improved by nearly 8%, totaling 400,000 units.
A modest improvement to supply nudged sales slightly upward. Meanwhile, housing demand is still in high gear as more families hope to take advantage of today’s low mortgage rates. There’s some hurry, as some market analysts foresee an upward tick to interest rates in the near future.
There’s a lot working in favor of today’s homeowner. Unlike any moment in recent history, homeowners can claim ownership to record levels of increased home equity. If they’re inclined to sell, then they can expect an excellent return.
If you’re getting ready to enter the market, here are some things to keep in mind to maximize your home sale and make more money.
Go local
Work with a local real estate professional who closely monitors your market’s pulse.
It’s not often you have an opportunity to sell property in a market like this. And in order to make the most of your investment, it’s important to work with someone who has the experience with setting the right price, attracting the right buyer and negotiating the deal you deserve.
Make a great first impression
Your home’s curb appeal will be the first thing a potential buyer will notice.
Simple and economical cosmetic fixes and improvements will boost your home’s curb appeal and will make a great first impression.
Remember, a potential buyer is more likely to walk through the front door, so to speak, if you lead them there with awesome curb appeal. Lawn work, a splash of color on the front door, new light fixtures and improved landscaping are the sort of things they’ll be looking for.
Timing is everything
Even in a robust market, timing can affect how much you can expect to earn.
Traditionally, the spring season is the optimal time to go to market. But during this unprecedented time, there are other factors at play.
As things get back on track, some homeowners might rely on a more traditional timeframe and continue to follow the market before making a decision.
Negotiate
As a home seller, you’re firmly in the driver’s seat. Use this leverage to your advantage and negotiate the offer you deserve.
That’s why it’s important to have multiple parties interested in your home. This will allow you to ask for each one’s finest and final offer before you give the final approval.
Make upgrades
If you have a little time on your hands before listing, it’s prudent to focus on some sensible home upgrades to prime the sale.
A quick consultation with your real estate professional can help you decide what upgrades are the biggest bang for the buck.
Not all projects will allow you to both recoup and make money. In fact, there are only a few exceptions to home improvement projects that actually pay for themselves and then some.
If you’re going to spend a dollar, double check to ensure that you can turn it into two dollars.
Pricing sweet spot
What is the right price for your home?
The answer can make a huge difference in the number of interested parties and offers. The correct pricing ensures you make the greatest possible return.
A comparative market analysis will shed light on recent sales of activities that can help you and your real estate team calculate the proper price for your home.
Comparative sales should be used in tandem with other data, such as the going price for competing homes, in figuring out a price.
Finally, keep in mind that setting a lower price with the hopes of attracting even more buyers can backfire. If it’s too low, you risk leaving money on the table. Or, if the price is too high, then you can scare some potential buyers away.
Final thoughts
The bottom line is now might be a good time to sell. The reason being the market situation in its current state. Moving forward, it might be that rising mortgage rates deter buyers, which could in turn, limit demand. This could lead to a “cooling” effect for home values due to less buyers competing for houses in a low-inventory environment. Consider jumping in while the market is still hot.
Please do not hesitate to contact me for how to compete in this competitive real estate market. Email me at [email protected] or give me a call at 916.880.8059!
About Kyle
With nearly a decade of experience in the mortgage and real estate industries, I have a strong understanding of how to evaluate an individual’s situation and determine how to best meet their goals. My approach for California, Nevada, and Colorado current or future homeowners is to educate, advise and deliver a top-notch customer experience.
I’m committed to working for my clients as their mortgage expert, advocate, and partner in their journey toward purchasing or refinancing a home.