How Selling Your Home in 2023 Will Be Different.
Selling your home in 2023 will be completely different than in previous years!
Forget everything you thought you know from recent years to sell your home in 2023.
Quick review…
Over the past few years, the real estate market has been crazy! With limited inventory, lower interest rates for buyers gave them even more buying power, all driving up the prices of homes that were listed. Simple supply and demand. Many buyers were paying over the asking price for homes and even above their appraised values of them.
“While 2022 may be remembered as a year of housing volatility, 2023 likely will become a year of long-lost normalcy returning to the market”
Now enter 2023.
As we go through this year, changes to the market are expected to happen which could change how you list your home.
Some of those changes include more homes hitting the market. This will bring more competition to you as a seller, but give the buyers more options. This leads us to another change - leverage for buyers.
With more competition or homes on the market in your neighborhood, this means even a great home could sit on the market a little longer. Adding to that higher rates for buyers compared to a year ago will potentially bring out fewer buyers.
Savvy buyers have been able to use these adjustments to the market to receive seller concessions (money that the seller contributes to the buyer’s closing costs) from sellers whose homes have been on the market a little longer.
As we move closer to a more balanced real estate market, offers coming on your listing might not be as robust as they were before. I usually tell my sellers, “You only need one!”
This is when negotiations come (back) into play. Something that hasn’t happened much in 2021 and 2022. Because of the change, there may be fewer offers on your home, negotiations will be key to getting you what you deserve for your home.
Additional showings might be required for your listing as well. And that’s okay! Just because you might need to keep your home on the market for a couple of weeks to make sure the right buyer comes through does not mean your listing is a bad listing. Homes that are priced correctly can still get a full asking price weeks after being on the market. Trust me, I’ve done it!
And as mentioned above, seller concessions are not necessarily a bad thing. Sometimes, the right buyer just needs a little help. Maybe it’s because the rates have changed while they have been shopping, additional repairs are needed for the home, or sometimes sellers will use concessions as a way to attract buyers by offering it up from the start when the home is listed.
But one thing that will be key to helping you navigate selling your home in 2023 will be the listing agent you choose.
No longer can the agent just put a sign in the yard and wait for the 20-30 offers to come in. Make sure your listing agent has…
Strategic Marketing Plan. Ensuring that your listing is in front of as many potential buyers as possible. Not just on social media, but possibly grassroots efforts and guerilla marketing such as door-knocking in your neighborhood.
Great Communication. This should go without saying, but it needs to be said. Is your agent communicating with you the way you want to be? Are they responding to buyers' agents and offers quickly and efficiently? Great communication can make or break a real estate transaction. Trust me, I’ve been on the receiving end of bad communication that killed a deal.
All of these changes have the potential to make selling a home in 2023 a much different experience than it has been in the last couple of years. If you’re thinking of selling or want more information about selling this year, schedule your consultation call below, I’d love to help!