The latest Central Texas Housing Report revealed 4.9 months of inventory and 12,211 active home listings for May, both increases from May 2023. These increases give buyers more options, which gives them more power to take their time and be more selective.
While these increases might lead people to believe there is a shift to a buyer’s market, that’s not entirely true. Higher interest rates are still leading many buyers to wait until rates are more affordable, so it’s unclear if there is an advantage for sellers or buyers.
If numbers continue to favor buyers, this will lead to a shift for sellers, meaning they will need to find ways to stand out to buyers. Let’s dive into a few ways to do that so sellers can be prepared for the potential shift.
Strategic Pricing
When you list your home, having the right price from the beginning is essential for attracting potential buyers. Pricing your home too high will lead to price reductions, and pricing it too low will lead buyers to believe something is wrong with the home. Working with a real estate agent to look at recent sales data and determine the right price will help ensure a quick and stress-free sale.
Curb Appeal
Enhancing your curb appeal and making a good impression on the outside will make buyers want to see what your home looks like inside. Keep the good vibes going inside by creating an inviting atmosphere and making sure the home is clean and free of clutter. Depersonalize your home by removing family photos so they can get a true feel for what it would be like to live in your home.
Attractive Features
Buyers look for different features depending on their wants and needs, so it’s impossible to know what specific features will attract buyers to your home. However, many buyers tend to look for updates in the kitchen and bathrooms, so those rooms would be good places to start. When you list your home, make sure you highlight its best features to put your best foot forward and stand out against other homes.
Stay Flexible
It’s important to be flexible and accommodating throughout the real estate process. When buyers schedule showings, you want to approve everything, even if it might slightly inconvenience you. The more buyers you get inside your home, the better your chance of getting an offer (or multiple)! Once you receive an offer, stay open to negotiations and accommodate any buyer requests to ensure a smoother and quicker sale.
Whether it’s a buyer’s market or a seller’s market, these tips will hopefully help facilitate a quick sale. If you have questions about the market or how to get top dollar for your home, reach out to us! We would love to provide our expertise!