The real estate market made a hard pivot this summer, and the landscape changed. Interest rates have doubled since January 2022, and many buyers have taken a pause. The days of $50,000 or more over the list and appraisal prices are over. The market is normalizing — a good thing for everyone.
The Dallas Morning News reported from August 2020 to July 2021, DFW had a population increase 260,000, but only had under construction 63,000 apartments (with a current occupancy rate of 97%) and 53,000 houses. We simply do not have enough housing to meet the demand.
What does this mean to the homeowner who may be looking to downsize? It means, simply stated, now is still a great time to sell your home. The sticker shock of the increased interest rates is no longer shocking buyers, and they are back to buying. If it’s time for you to take the plunge and get your home on the market, here are five things do straight away.
1. Declutter and eliminate everything you are not taking with you to your new home, from dishware to furniture and tools. Pack away important things, such as family photos, awards, and so on.
2. If necessary, freshen-up the paint with neutral colors. Paint works wonders in warming up the environment for potential buyers.
3. Refresh your flooring if it is worn. At the least, have all carpets cleaned.
4. Deep-clean the entire house — including all the floorboards, nooks, and crannies.
5. Look at your landscaping. Depending on the time of year, make sure it looks clean and inviting. Add color with plants that will survive the season or tasteful decorations.
Selling your home can be emotional. Getting your team together to help you get across the finish line is always vital. Grab a copy of “45 Ways to Sell Your Home Faster” so your house fetches top dollar regardless of the market.