Biggest Challenges Sellers Will Face in 2020?
Another decade has come and gone—bringing with it a plethora of new home-selling opportunities. But with these opportunities comes an abundance of both new and old challenges. Before deciding if it’s your time to sell, it’s important to consider 2019’s housing market statistics and 2020’s predicted housing market trends to determine what upcoming challenges you’ll have to tackle as a prospective seller.
The best time to sell
It might seem simple, but picking the right season to sell can make a drastic impact on how quickly your home sells and how much it sells for. According to a survey of top-performing real estate agents, winter tends to be on the slower side due to holiday distractions and cold weather. However, if you’re willing to wait, your home will still sell for relatively the same price as any other season.
Those looking to sell in a rush might favor the warmer seasons, but as long as you keep your home well-lit and inviting, you shouldn’t have a problem getting a good price on your home. And—as an added bonus—75% of top agents say winter sellers will have less competition. But don’t assume your buyers will be desperate, as homes still sell for relatively the same amount as other seasons in the winter and overpricing your home is a fatal mistake.
Overpricing your home
The biggest challenge sellers faced in 2019 was the temptation to overprice and, according to top real estate agents, sellers will continue to overprice their homes leading into 2020. Pricing the home incorrectly could lead to price reduction after price reduction, lowball offers, and months of negotiation. Save yourself the time and work with your real estate expert to determine a reasonable value for your home before pricing. An accurate price could be the dealbreaker in how successfully and how quickly your home sells this year.
There’s no right answer to whether or not you should host an open house. In fact, only a slight majority of top agents recommend an open house to their clients. While some real estate agents respect the longest standing tradition of open houses, others believe it’s situational dependent.
Always take into consideration your surroundings before deciding if an open house is right for you. If you want to sell promptly and you live in an interesting neighborhood with a lot of foot traffic, an open house could be your best friend. However, if your home rests in a quiet neighborhood without any foot traffic, an open house might not be for you.
Need it done fast?
It’s no secret that selling your home is one of the most stressful times for homeowners. Throw in financial hardships, an unexpected life upheaval, and time pressures—now the stakes are high. The best way to get the job done right and fluidly is to use an expert real estate agent. A real estate agent’s job is to tailor to your needs as well as the overall market; they’ll be on your side through the whole process, handle delays, deal with preparations and repairs, and price the home correctly… that’s a lot to handle all by yourself. While a majority of FSBO sellers want the job done fast and profitably, real estate agents actually sell homes much faster and 30% more profitably.
Despite these challenges, 15% percent of top real estate agents predicted 2020 will be a great year to sell. Looking to dip your feet in the water and see if 2020 really is your year? Contact the See Tim Sell team to set up a meeting!