Though home prices are still rising, the rate of those increases has slowed. In June, the median home price was up 13 percent compared to 2021. When you compare that to June 2021, when home prices were up 23 percent from 2020, things are looking better. The cost of lumber has also fallen. Yes, the housing market is finally showing signs of cooling off. If you’re trying to sell your home, here’s what you need to know.
Back when the housing market was red hot, chances are you could get away with pricing your home extremely high. Those days have likely passed. Make sure you’re pricing your home reasonably. If you don’t, buyers might stay away.
The days of ignoring small repairs are probably over as well. Before you list your home, spend what you need to fix small items like faucets, lighting and any painting that should be done. While it might seem unnecessary, with the market cooling, buyers are going to be more picky. If you fix things up now, you’re more likely to enjoy a quick selling process combined with a higher price.
Get an Agent
We would never recommend selling your house on your own, but especially don’t advise it with the market cooling down. Now is not the time to cut corners. As USA Today reports, you should hire a real estate agent. They can help you set a good price for your home and then do the negotiating on your behalf.
And when it is time to move into a new home of your own, Life has mortgage loans to get you moving. Visit our Mortgage Loans page to learn more.
Original article by Chris O’Shea and adapted in partnership with SavvyMoney.