There is no doubt that the housing market is changing this season as buyer demand falls and the quantity of available houses rises.
But, this change really offers you some special advantages when you sell real estate in Indiana.
Here are some of the main chances you have if you list your home this fall.
Opportunity No. 1: You Have More Move Choices
The increasing number of houses for sale is one of the major stories right now. Since the beginning of the year, there has been an increase in housing inventory, largely because rising mortgage rates have reduced the peak frenzy in buyer demand. You might not know it, but that could work to your advantage.
You'll have more possibilities for your own home hunt if you're selling your house to move. This increases your likelihood of discovering a house that meets all of your requirements. As a result, if you've held off selling because you were concerned about finding a new home, be aware that your alternatives have expanded.
Opportunity #2: There Are Very Few Homes Available On The Market
Just keep in mind that even though there are more houses on the market now than last year, the housing supply is still firmly in the sellers' market zone.
There would need to be a six-month supply of homes to have a balanced market where there are enough homes available to keep up with the rate of buyer demand.
In July, there was only a 3.3-month supply, according to the National Association of Realtors (NAR) most recent data.
While there will be more options for you to choose from while looking for a home, inventory is still limited, so if you price your house well, it will still be in demand.
Because of this, the most current NAR data also reveals that the typical property sold in July still received multiple offers and was able to be purchased in as little as 14 days.
Opportunity #3: Your Equity Has Increased Significantly
Your equity (and net worth) have probably increased significantly as a result of the market's recent home price gain. Realtor.com's Chief Economist, Danielle Hale, explains:
“Homeowners trying to decide if now is the time to list their home for sale are still in a good position in many markets across the country as a decade of rising home prices gives them a substantial equity cushion.”
Be assured that your equity can help if you've been putting off selling because you're concerned about how rising prices will affect your hunt for your next property. It can be just what you need to pay for most or perhaps all of the down payment on your subsequent home.
If you're considering selling your home this year, work with a real estate agent to get the professional advice you need to act right away.
6 Step Guide to Selling Your Home
Prepare your home to sell - Acknowledge that all markets are different. What may be a Seller's Market in Indianapolis may be a Buyer's Market in Fort Wayne. Each market is different. Look at homes that have sold in your area. Get a feel of market times. Check various resources such as Realtor.com or Mibor.com for sold information. We recommend getting a home inspection completed prior to listing your home for sale. This will prepare you for any issues that may arise or scare buyers off prior to listing your home. Clean up and clean out! This is one of the most important things to do. Get rid of all that clutter! If you haven't used it or touched it in 6 months then it needs to go! We recommend hiring a home staging expert to get your home organized and ready for market.
Devise a Marketing Plan - Realtor or No Realtor - Sit down and decide which is best for your situation. Some sellers like the "doing the grunt work" approach to selling a home. Some sellers may be experienced in home sales and can do it all on their own. Statistics show that Realtors net home sellers up to 10% more than going at it on their own. Items to consider when considering selling your home are: Title work, Appraisals, Contracts, Disclosures, and Marketing! Selling a home can be a daunting task these days. The days of putting a sign in the yard and advertising in the newspaper are long gone.
Determining a List Price - If you plan to sell your home FSBO (For Sale by Owner) without using a Realtor this could be another task. Many home sellers base their homes value on the tax assessed value. This can be good or bad. We see many times that the assessed values are much lower than what the market value is. We also see that assessed values can be much higher than what is market value. One recommendation is to get a current home appraisal on your home. If you choose to hire a Realtor they will have all the data available to them to provide to you as the seller on what fair market value may be or often times referred to as (FMV). Your Realtor should be able to show you data form existing homes sales from the last 6 months that will outline the best pricing strategy you should take. Do not overprice your home - this will cause market times to increase and will ultimately cause you to sell your home for less. When homes sit on the market for too long most buyers have the perception that the home has "issues" and this may cause your values to decrease.
Market your Home for Maximum Exposure and Syndication - We recommend interviewing 3 agents from different companies. Look for an agent that takes an aggressive approach to listing your home. Hiring a full-time sales associate that has local experience is key. In today's marketplace agents and brokers should show you how to leverage internet exposure and syndication. With over 95% of all home buyers finding their dream home online, internet syndication and marketing is a must. Agents should be familiar with social media outlets and internet lead conversions.
Negotiate an Offer to Purchase - Ok, so you have chosen your Realtor and now you have an offer to purchase. What do you do? If you are working with a Real Estate Professional that professional should be able to guide you through the whole process. They will present the offer to you, prepare counter offers, schedule inspections and appraisals, coordinate and order title searches and coordinate the closing process. They should act a as sounding board for all your questions, needs, or concerns.
Planning Your Move - This is where the fun begins. You may feel relieved or you may feel that your world is caving in on you! Hopefully when preparing your home for sale you got rid of all that stuff you really didn't need, in return this should allow for a smoother moving process. Your Realtor should be able to provide a few recommendations of local movers that can assist. Moving can be a daunting task but planned well it can be a smooth process. During negotiations you may have closed a few days prior to moving. Keep in mind that the new buyers will be excited and eager to move into their new home. We always recommend to our clients to be sure to not leave anything behind and give it a good cleaning for the new homeowners. It always is better to "pay it forward".