6 Tips to Get Better Offers from Buyers

It is still a seller’s market, but higher interest rates have pushed some buyers to the sidelines. Well-priced homes are selling quickly, but many properties are sitting on the market longer than they did a year ago. If you are considering putting your house on the market, these 6 things can help ensure your home sells quickly and encourage better offers from buyers.

Boost Your Home’s Curb Appeal

Most buyers will see your home online first, but you can set the stage for a great showing by wowing them when they pull up to your property. Ensure your lawn is trimmed & mowed. Mulch your planting beds and add flowers for a splash of color. If you have a lot of trees and hedges in your front yard, trim them back so that prospective buyers can get a better look at your home. Trimming those branches away from windows will brighten up your home’s interior. Keep in mind that buyers will be spending several minutes at your entry while their agent unlocks the front door, so remove spider webs from around the area and clean exterior lights. Consider a new front door mat or an updated color for your front door. If your porch, walkway, or driveway is stained, pressure washing can make it look new again.

Declutter

Prior to listing, take time to get rid of anything that you no longer need or do not want to take with you to your next home. Clean out closets, remove small appliances from counters, and purge items from your garage or basement that haven’t been touched since you moved in. You want your spaces to look as large and welcoming as possible. If you have a lot of furniture or things you can’t part with, consider renting a storage unit during the listing period. Decluttering will improve the photos of your home online and will make it easier for buyers to imagine themselves living in your home.

Clean homes get higher offers

A clean house tells the buyer that it has been well-maintained and cared for by the current owners. It puts buyers at ease and encourages them to spend time looking around. Flooring, windows, walls, and trim work should be cleaned. If you have carpets, hire a professional to clean them before listing. Bathrooms and kitchens should sparkle. Make sure to clean the inside & outside of all your appliances – buyers will be opening doors and looking inside. If you have pets, make sure to replace air filters to help remove the smell of them in your home.

Tackle that repair list

Most of us have that list of repairs that we haven’t gotten to yet. Perhaps your kitchen sink has a leak or you didn’t have time for the second coat of paint on your bedroom walls. All of those items should be addressed and repaired before putting your home on the market. Properties that have been well maintained will fetch a higher price. Most buyers will conduct home inspections once the property is under contract. Fixing these items ahead of time should reduce the number of repairs you will have to make prior to closing.

Consider some updates

There is no question that homes with updated spaces sell for much higher prices than those without. That doesn’t mean that you have to renovate everything before you move. Tackle a couple of things that will have the biggest impact. Kitchens & bathrooms sell homes. A fresh coat of paint, a new countertop, or updated lighting, hardware, and fixtures can give these rooms a new look. Are your floors in bad shape? Consider replacing flooring in the rooms that have the most wear and tear. Even investing as little as $1000-$5000 can bring big returns to your bottom line when you sell.

Be Realistic About the Price

Trust your Realtor. They will do a competitive market analysis prior to the listing date to come up with a price for your home. Buyers are much more price-conscious this year than they have been in years past because of higher interest rates. They avoid homes with inflated prices. Pricing your home at or slightly below market value will encourage multiple offers that could net you more at the closing table. Reaching for a price above market value will mean more time on the market and future price reductions.

Want more information on getting your home ready to sell? We have an experienced stager on staff who can offer ideas to make your home appeal to the most buyers possible. We are happy to meet with you to maximize your selling price and help you reach your goals at the closing table.

Local Housing Update – March

The Dayton area market continues to feel the effects of inventory shortages and higher interest rates. Unit sales for March lagged behind last year’s results by 174 units. This shouldn’t be surprising considering that new listings dropped by 307 units or almost 18% vs the same period last year. The slowdown in new listings also dragged down the number of total active listings which shrank by 5.3% vs 2022.

The average sales price for local homes was $249,201 for the month vs. $230,878 last year. While an 8% increase is still significant, is it not as dramatic as the 13.5% jump in prices that we saw from March 2021 to 2022. Assuming that inventory levels pick up as we move through April and May, price growth should remain in the single digits as we move forward.

2 takeaways from the March market

1. Well-priced homes continue to sell quickly while their higher-priced counterparts linger on the market.

The market remains competitive for buyers. There is still an inventory shortage and properties that are priced correctly are selling quickly, sometimes within a day or two of hitting the market. Multiple-offer situations are still quite common. If you look at the graphic above, you will notice that, on average, homes are taking an additional 10 days to sell vs last year. The reason for this change is pricing. Buyers in 2023 are paying higher mortgage rates than a year ago due to increased interest rates. They are more price sensitive and far less likely to overpay for a home. Houses that are priced above their market value are sitting on the market for longer periods of time until sellers lower the price. It is vitally important that sellers understand the market and pay attention to comparable properties when deciding how to price their home. Sellers are better off pricing their home slightly under market value than slightly over it. A more conservative price will generate more interest from buyers and could increase the purchase price above the list price if you find yourself in a multiple-offer situation.

2. Buyers need to act quickly if they see a property they like

If you plan to purchase a home this spring, make sure that you are checking your portal daily and that you reach out to your agent to see a property of interest as quickly as you can. Inventory levels remain very low. If you wait to schedule a showing, the house may go under contract before you can see it. Have your pre-approval letter ready and be prepared to write an offer quickly if you find the right house. Work with your agent to craft an offer that is appealing to the seller, keeping in mind that price is not the only tool you can use to win the deal.

Are you considering a move in 2023? Let us know. We would love to work with you to put together a plan that will help you achieve your housing goals this year.