It is a New Year and we know a lot of you are setting intentions and goals this month. If real estate is on the agenda for you, let's chat about a few strategies to take. This year is projected to have less inventory than years prior, which will stabilize sales prices even with the new interest rates. Buyers will find the upper hand in negotiations when a home is listed with a Sales Price greater than the home's condition and size. The longer those homes sit on the market, the more the negotiation ball rolls over into your court.
Here are strategies for both buyers and sellers to make sure they position themselves correctly to make the right moves for themselves.
Sellers - Our biggest piece of advice, do not start work on any updates or renovations projects without consulting with your Realtor first. A lot of times we walk into someone investing time/money into one project when a separate project at a lower cost would provide more in the resale value of the home. We have these conversations with customers even if they do not intend to sell for a few years. That's ok! At the end of the day, our focus is more on customer service versus the number of transactions we sell a year. Another strategy - Not only do you want to discuss these types of jobs with your Realtor but it could also be worthwhile to consult your accountant as well. We are not accountants but we do know a number of our seller clients make updates knowing that some of their investments to prep a home for sale could be used as tax write offs. We do not want you missing the chance to save and make every dollar when it comes to your home. Need an accountant or financial advisor referral? Let us know and we can send them along!
Buyers - The demand from buyers is finally down from the last few years. We know a number of you wanted to wait until you saw the market cool to make your move. So, do you know what that means, you are back in the driver seat for negotiations. The one thing to be prepared for is that inventory is projected to be lower this year. The cutest homes with the best price will most likely still see competition with potential for multiple offers. Take some time to think about what type of projects you are going to want to do yourself? It can range from anything as little as painting walls to match your personal style or your dreams of a kitchen renovation. Having a little vision will go a long way when looking at listings online. Don't sleep on the homes with bad photos. It might not be a bad home, just a poor attempt at marketing the home. We recently just negotiated a home inspection period long enough for our buyer clients to bring in contractors to quote out the work they wanted completed to make the home their own. This is something we can help negotiate and coordinate for you, as well.
We have already begun consultations for sellers and buyers who are looking to make a move in 2023. Even the first quarter of 2024! Too much preparation is never possible when it comes to one of the biggest investment decisions of your life. Click below to schedule your own personal consultation to review your options when it comes to buying, selling or renting a home. Looking for something a bit more informal where you can ask your questions? We have our first of two annual Talk and Taste events this February (our second one is in October). Setting our clients up on a custom guide for their needs is something we pride ourselves on tremendously. We are never too busy to help you, as well.
That's all for now!
'Til next time,
Jillian
Have a question about real estate? Email Jillian!
