Hello! As many of our clients are preparing for a sale, we thought it would be wise to share our insight as to what it takes from a seller's standpoint in a post-20-22 era. We have now moved back into a market where buyers have options, and are paying a premium for interest rates. Because of this, the requirements for our sellers have definitely changed.
Gone are the days (at least for now) when buyers had to accept no inspection period, as-is sales, and uncompleted home repairs to compete with other buyers. Higher interest rates for our buyers who need loans means less buying power, however, since homes aren't getting cheaper and prices remain stable, it also means they usually have less cash for out-of-pocket updates.
This recipe means that if they are still paying top dollar, and are also paying high interest rates, they expect the home they are purchasing to be turn-key and ready to go.
So what does this mean for our sellers?
There are a couple of scenarios and they are extremely important. Heed our advice, we have been doing this for a long time, long enough to know that as the markets change, our strategy needs to change too.
Here's what you can expect us to recommend when getting your home ready for the market:
1. If you can't make repairs/updates, don't sweat it! However, please know that you will need to be priced APPROPRIATELY. Be ready to work with the buyer on repair requests. If cash is tight, we usually have crews who will accept payment at closing. Don't worry, we have you covered!
2. If you are expecting TOP DOLLAR the home has to be top dollar worthy...
This means recent (and professional) updates, (outdated homes will likely not move if priced too high) all maintenance items taken care of, and newer systems such as HVAC, Water Heater, Appliances, etc.
We are always happy to recommend our contacts, who can help out with getting your property ready.
Keep reading for a quick checklist of what can help you get your home ready for the market!
1. Have your home professionally cleaned.
2. Fresh Paint where needed- Knicks and dings, dingy doors, scuffed baseboards, or rooms that need to be neutralized, etc.
3. Tidy yard and curb appeal. Freshen up your welcome mat, hang a pretty wreath, and add a couple of low-maintenance potted plants.
4. Declutter. Pack away items that are on the bathroom and kitchen counters, only the necessities should be left out during photography and during showings. -Think “lightly staged”.
5. Neutralize- Put away any décor that can take away from the home's features. Brightly colored décor and knick-knacks should be put away.
6. Have a pleasant scent, but don't go overboard!
7. We love our furry pets, but we don't want to smell them! Make sure litter boxes are out of the way and clean, and double-check that you haven't gone nose blind to them!
8. Have your systems serviced, air filters replaced, and any obvious repairs completed prior to showings. Sometimes it can be a good idea to get a pre-inspection so you can potentially get ahead of any lengthy repair requests.
We hope this is helpful!
As always, if you know of anyone looking to buy or sell, please share our info with them, we would love to help!
Best,
Pam & Matt