With the start of summer upon us, it’s important to remember the season is typically slower than Spring and Fall – fewer Buyers conducting serious searches with all the other competing properties: kids out of school, family vacations.
Additionally, this summer may be especially slow given the broader market slow-down: the combination of high prices (20% over last year) and rising interest rates translates into less buying power. For example, Buyers who would have been able to pay $1.7M for a home earlier this year are now capped at $1.5M.
For home Sellers, there are several options. One is to reduce expectations for your ultimate sale price, knowing that the average Buyer’s budget has been reduced by around $200K.
Another option is to take time this summer to make sure your house is meticulously prepared for sale this Fall. That means clearing clutter, interior painting with neutral colors, deep cleaning all nooks and crannies, and landscape refresh – first front, then back.
A real estate professional can advise you on crafting the shortest, most sensible and least expensive punch-list to get your home ready for market. Major repairs, if needed, may not be necessary. Nor are expensive remodelling projects. Professional home staging however is required. Make sure your agent includes the best home staging to showcase your home when it’s finally ready for professional photos and market launch in the Fall.
As always, please let me know if you have any questions – I’m here to provide neighborly help!