As we head into 2023 with a recession on the horizon and the cost of homeownership at an all-time high, we see the market shifting from a seller’s market to buyer’s market. Buyers are in short supply meaning fewer bidding wars, listings are sitting on the market longer, and prices are starting to come down or at least stagnate.
Sellers need to be more mindful when listing their home for sale to ensure their home stands out in the crowd. The little details can be the deciding factor when trying to woo a smaller pool of home buyers.
Here are the top three things sellers should do to prepare their home to sell in 2023.
Stage Your Home
Staging your home is an important part of preparing it for sale. It’s the process of arranging the furniture, décor, and other elements in a way that makes the home look appealing and inviting. This can help potential buyers to better visualize themselves living in the home, which can increase their interest and ultimately, the sale price.
Staging doesn’t have to be expensive. In fact, it can be done on a budget. For instance, try rearranging existing furniture and updating the décor with a fresh coat of paint. You can also enlist the help of a professional stager to help make your home look its best.
Be sure to remove as much personalization from the home such as family photos, clothes, blankets, or anything else that signals this is your home and not the potential buyers. You want the buyer to see themselves in the home, keeping your furnishings for staging neutral gives the buyer a blank canvas for their imagination.
Make Necessary Repairs
When selling a home, it’s important to make any necessary repairs before listing it. Higher-paying buyers will be looking for homes that are in good condition and may be turned off by homes that need to be repaired.
It’s a good idea to go through your home and make a list of any repairs that need to be done. This can include things like fixing leaky faucets, replacing outdated appliances, or patching holes in the walls. Once the repairs are made, you’ll have a better chance of selling your home quickly and for a good price.
Price Your Home Competitively
In a buyers market, pricing your home competitively is essential. You want to make sure your asking price is in line with the current market. If you’re priced too high, potential buyers may be turned off and move on to other homes.
To find the right price for your home, it’s a good idea to work with a real estate agent who can give you an accurate market analysis. This will help you to determine the value of your home and price it accordingly.
Selling a home can be a stressful process, especially in a buyers market. With the right preparation, you can make your home stand out from the competition. By staging your home, making necessary repairs, and pricing your home competitively, you’ll be well on your way to a successful sale in 2023.