How to Overcome the Biggest Challenges Sellers will Face in 2020
Michael Hulsey www.solanocountyhomes.com
You’re probably reading this post because you plan on selling your home this year, potentially sooner than later, and you want some insight on how to make sure the whole real estate process runs smoothly. Luckily, you are in the right place. This year will likely show a lot of success for people who want to sell their homes because our country is in a sellers’ market, meaning the supply of homes is less than the amount of people who want to buy homes.
However, just because we’re in a sellers’ market does not mean that challenges won’t arise for those who do want to sell. We’ve compiled a list of some of the challenges sellers will face this year based on insights from HomeLight’s Q4 Top Agent Insights Survey. Here are some of those challenges and how you can combat them.
The listing price of your home
Before we get into some of the more minor challenges that can affect your home’s sale, we figured we’d jump into arguably the biggest roadblock that sellers faced in 2019 and who will continue to experience this year. Pricing your home right should never be a guessing game, but rather a precise estimate based on your home’s overall value, how many repairs it needs, and how much similar homes in the area are selling for.
A house priced too high can cause it to become a “stale listing,” which can bring on a slew of new issues. A stale listing is basically a house that’s been on the market for a longer-than-average time. This can decrease the attractiveness of the house and even further, its value. Choosing a good price for your house is one of the best ways to combat it from sitting on the market for too long. Consult with your real estate agent about pricing and what their suggestions are for making sure you choose a spot-on price.
For Sale by Owner (FSBO) or choosing an Agent
The idea of selling your home without having to pay an agent for commission sounds attractive. Additionally, having hundreds, if not thousands, of resources via the internet at your disposal should make it easy. Right? Well, that depends on what your goals are. If you’re in a pinch and need to sell your home fast, you could look into instant cash buyers, selling it at an auction, or looking into a short sale. However, while these methods are generally quick and easy, you likely wouldn’t be able to sell for the best price. Real estate agents exist for a reason—to help you sell for the best value possible and in a short amount of time. Choosing to go the FSBO route will likely come with some consequences, but ultimately, it’s in the hands of the seller to decide.
Choosing the Right Time to Sell
Because of the colder, greyer days, most people would probably choose to wait until spring or summer to sell their house if they could due to the nature of the weather. However, just because winter is a little more dull doesn’t mean that it can’t be a good time to sell a home.
Every season has its own selling advantages. Winter, for example, may not seem prime for most sellers, which could mean less competition if you were to sell between now and April. Looking for opportunity based on the season throughout the year will work to your advantage if you’re smart about it.
Want to learn more about some of these challenges, how to combat them, and ultimately how to navigate the real estate market successfully? Michael Hulsey and Associates in Solano County, CA have you covered. Contact us today!