Spring is in the air – and it’s not too late for owners to put their property on the market in the next few weeks to capitalize on buyers’ renewed enthusiasm and optimism at this time of year.
Industry researcher CoreLogic has reported that average values for US residential properties have risen 3.9% in the 12 months to January – a sound indicator of a strong spring and summer sales period ahead.
Retail interest rates have dropped by around 1% since August, too. That’s further boosted market sentiment. Mortgage provider Fannie Mae predicts the 30-year fixed mortgage rate will hover around 6.8% this year.
It also says in a separate report that buyers continue to outnumber the homes available on the market. Sales were likely to be 22% below pre-Covid levels, according to Fannie Mae.
That’s actually an improvement on last year and 2023, when sales hit 30-year lows. The good news for you is that market momentum will be in your favor, as buyers compete for the limited number of properties available.
The key analysis is local data. Knowing what’s happening in your neighborhood is essential to making an informed decision. As an experienced agent in the area, I’d be delighted to help you.
Here are six tips for preparing your home for sale in time for a late spring sales campaign:
Curb Appeal: Give your home a facelift because first impressions matter. Power-wash the exterior, trim overgrown bushes and plant colorful flowers. A fresh coat of paint on the front door works wonders.
Declutter and Depersonalize: Buyers like to picture themselves living in your home when they walk through. So, avoid making them feel like visitors. Remove family photos, personal knick-knacks and any art that might not be to everyone’s taste.
Deep Clean: If time is tight, it’s a great idea to hire a contractor.
Stage for Success: Hiring new furniture for the duration of your sales campaign will elevate the look and feel of the property, encouraging multiple offers. Consider hiring a professional stager.
Fix Stuff: We don’t want leaky faucets, dripping gutters or cracked footpaths. Fix all that annoying stuff you’ve tolerated for too long. If you don’t, buyers will use these issues as an excuse to reduce your price.
Partner Up: You want a skilled agent who’ll highlight your home’s high-impact features and offer buyers insight into the benefits of the neighborhood, as well as navigate negotiations to ensure a smooth transaction.