Dear Olivia,
I’m considering selling my home this year, but I’m wondering…how is the process different from a couple of years ago when the market was so hot?
Sincerely,
Planning to Sell
It seems like forever ago that the market was white-hot, and homes were regularly going under contract within 24 hours. While today’s market is different, thankfully, it hasn’t crashed like so many people predicted. Homes are still selling; it often takes a little longer than in 2022. There are plenty of other differences, too. So what does that mean for you?
Your Home Needs to Shine in 2024
In 2022, homes of all shapes, sizes, and conditions sold quickly. But in 2024, buyers are being a little more discerning. To get your home on the top of potential buyers’ lists, you should ensure that it puts its absolute best foot forward. Move-in-ready homes are particularly attractive and are still going under contract quickly.
You don’t have to do a complete renovation of your home to get it sold, though. Instead, make smart, impactful upgrades like new paint and new flooring inside and a refresh of your landscaping outside. Budget-friendly fixes like painting outdated kitchen cabinets and adding new hardware can make your kitchen look and feel new again. The same goes for the bathrooms! Regarding landscaping, simply keeping the yard cleaned up with fresh mulch in the flower beds and an inviting front entry can go a long way in helping buyers see that your home could be the one for them.
Be Patient
The average days on market (DOM) in Fremont County in 2023 was 89. So far in 2024, it’s 99. Though this isn’t a huge difference, it demonstrates how the market is continuing to change – homes are taking longer to sell, and that means you must exhibit patience in 2024.
Being patient cuts a couple of different ways. First, finding the right buyer for your home might take a little longer. Second, your Realtor might need more time to find a buyer who’s willing to pay the price you want. We’ve seen more price reductions recently than in 2022 as well, so part of the patience game is knowing when and how much to reduce your home’s price if needed.
If a price reduction is warranted, it doesn’t necessarily mean you’ll have to slash the price by a huge amount. For example, let’s say your home is listed for $204,500. A price reduction to $199,900 could do the trick, as it gets your home below the $200,000 threshold and starts showing up in more people’s home searches. Be willing to work with your Realtor on price adjustments. No one wants to make less money on their house, but if a small adjustment means getting your home sold or not, getting it sold is the better option!
Now Could Be an Ideal Time to Sell
We’re in a unique position at the moment because we have very low inventory in Fremont County, which is great news for you as a seller because there isn’t as much competition. But come April and May, the market tends to pick up as more and more people list their homes for sale. If you get ahead of the pack and list your home now, you could have a several-week head start to find the right buyer.
Another factor to consider is that while interest rates are still much higher than they were a couple of years ago, they’ve come down from their highs in 2023. This will likely encourage more buyers to enter the market, giving you more potential buyers for your home. On top of that, as interest rates continue to drop – the Federal Reserve has indicated it will start slashing rates again – the market will likely pick up steam again with rising home prices. That could make now the best time of year to sell!
Of course, selling a home is a BIG deal, so you don’t want to rush into it. Connect with your Realtor to discuss your options in terms of pricing, what you might need to do to get your home market ready, and when the best time is to come on the market. Doing so will set you up for a successful sale in 2024!
As always, please don’t hesitate to reach out to me or the Wind River Realty team at 307-856-3999 if you have any other questions!
~Olivia