2023 looks to be an interesting year for real estate and the housing market. The remarkable rise in interest rates is finally reversing, the short market is brimming with new construction homes, and there is some whisper of a buyer’s market in the cards. This is an exciting time for both home buyers and home sellers, but of course, the right strategy is essential to get the best of your side of the bargain.
Today, we’re here to spotlight the top three best practices for home sellers and home buyers in the unique 2023 housing market.
Best Practices for Home Sellers in 2023
Home sellers are looking at high-value properties and waning buyer competition. The housing market is still short, which means buyers are more likely to close quickly, but the landscape is changing with the introduction of many new construction homes to ease the shortage. To get the most from your home sale, you’ll want to focus on presentation, price, and added value.
1. Spotless Staging
Every great home sale starts with spotless staging. If you can, move fully out of the house, clean it from the roof to the basement, and re-stage with temporary, light, and welcoming room vignettes.
If you need to sell before you can move, minimize your household items and go for a magazine-spread look. It’s best to minimize personal items like pictures and knick-knacks to help buyers envision their own life’s details in the home. Don’t be afraid to use a personal storage locker to cut your furniture, decor, and clutter in half (or more) to achieve that elegant blank canvas look.
A fresh coat of paint and a few hardware upgrades (handles, cabinet pulls, faucet knobs, etc.) can do a world of good in making your home look inspiringly new and ready for new buyers.
2. Lights, Camera, Virtual Tour
Great photography is the centerpiece of your online listing, and a 3D tour is a cherry on top for online (aka most) home buyers today. A 3D tour is also shot as photography, with a 3D camera placed in “step” points around your home.
The result gives online buyers a sense that they are truly walking through and looking around. It is an immersive way to give your buyers a realistic sense of the space – and the ability to look for the features they care about most.
3. Set the Right Price
Lastly, work with your real estate agent to set the right listing price for your home. This will be a balance of property value, neighborhood trends, market conditions, and special selling points. The right price will attract eager buyers without unnecessarily leaving money on the table.
Best Practices for Home Buyers in 2023
Home buyers in 2023 are seeing a slow down-tick from last year’s highs. This is a good time to stop putting off your home sale but proceed with caution. Optimize your opportunities by looking for favorable lenders, find homes that haven’t been overpriced, and don’t be afraid to negotiate.
1. Lock In Your Lending Rate
Local lenders are the most likely to offer favorable rates because they are invested in neighborhood growth. Check with local credit unions and mortgage specialists. When you find a great rate, lock it in by completing pre-approval before bidding on the first home.
2. New Homes are Hot This Year
Many new houses, ‘plexes, and condos have been built at a wide variety of price points to meet the demand created by the housing shortage. New housing developments are popping up across the nation, and without the recent overwhelming price spikes experienced in existing neighborhoods. If you can’t find your dream home with a private seller, consider buying a new, insulated, high-tech home from a developer instead.
3. Ask for What You Want and Negotiate with Gusto
The housing market is swinging back toward a buyer’s market, so don’t be shy about negotiating. Ask for what you want, insist on inspection quality standards, and be ready to negotiate with sellers for a win-win sale that sets your family up for move-in success.
Home Buying and Selling Successfully in Housing Market 2023
Whether you are a home buyer or a home seller (or both), 2023 promises to be an interesting year for the housing market. Find the best opportunities and get the best price for your real estate plans this year with W Marketing New Homes. Contact us today to learn more.