Home Selling Tips

Selling a home can be emotional as we leave memories, friends, and family behind. It’s also a move that has financial considerations that require a lot of thoughtful decisions.

Sellers always want to sell “at the top of the market.” This makes sense as they want to make as much on their home as possible. But there are two major points we share with our sellers: you should never try to “time the market” and pricing your home to attract “able and willing” buyers is critical.

While the rise in interest rates cooled the housing market, potential sellers are still surprised to learn that our lack of homes on the market has kept us in a “sellers’ market.” Homes are holding value as we ended the third quarter with our median home price up 8% for the year. Therefore, those considering selling have likely built-up equity in their home and an active buyer’s pool wants and needs choices.

Coldwell Banker Premier has been serving Winchester and Frederick County for almost three decades. We have been through several different housing cycles and our agents are well-trained and well-prepared to work in today’s changing environment.

We wanted to provide some tips for potential sellers.

Knowledge is power

National real estate sites like Zillow and Realtor.com are valuable. But we encourage every potential seller to talk with one of our agents to learn what is occurring locally up-to-the-minute. This includes understanding how much your home is worth today, not guessing what the price might be based on recent nearby sales or a website.

It is so important to have an educated discussion with an agent who knows your community well. Along with giving you a “real” look at pricing, they may also suggest potential upgrades and cosmetic enhancements that would make your home more appealing to buyers.

Equity still strong

Our sellers have benefited from the growth of our region, the lack of inventory and the influx of buyers. Over the last two years, our median home price has jumped from $296,500 to $352,500, an increase of almost 20%. Therefore equity, the difference between what you paid for your home and what it sells for minus what you owe on it, has likely improved dramatically. While you may not be selling at the top of the market, you should still be OK. 

Market shift

Prior to the pandemic, the supply of homes on the market was steadily trending down. Then, as so many fled urban areas looking to take advantage of work-from-anywhere options, along with our region’s affordability and lifestyle, we had a deluge of buyers. Our inventory dwindled to all-time lows and the supply vs. demand imbalance created rising prices.

Yes, rising mortgage rates have pulled some potential buyers out of the market. But because of life events including marriages, growing families, job promotions and others, buyer demand remains strong. 

And while we have seen a reduction in multiple offers on properties, sellers are still in the negotiating driver’s seat even as they are a bit more accepting of potential buyer’s offer’s and needs than they did a year ago.

Choosing the right agent

The company and agent you choose is critical. Along with having the size, scope and presence that Coldwell Banker Premier provides, you need an agent who can effectively showcase your home. And you need to like and trust your agent. Make certain you have a good rapport with them, and they should be able to communicate with you in the ways you like (texting, email, phone, etc.).

Remember, not every agent is the same and having marketing savvy is critical unlike recent days when multiple bids arrived almost immediately after you put the “For Sale” sign went up. Your agent should be able to utilize a variety of resources to market your home including staging your home, photography, video, 3-D tours, and the ability to showcase your home to prospective buyers near and far. 

What differentiates an agent?

Along with experience, negotiating and marketing skills, and a communication style that meets your needs, you also want to choose an agent who has experience selling homes in your price range. Experience working in your neighborhood is also a positive.

Another great thing to ask a potential agent about is their list-to-sales percentage. This will show you how strong the agent is at pricing homes properly. The closer to 100% the better. You don’t want to overprice your home and have it become a “stale” listing. Instead, you want to properly price the home to so “willing and able” buyers will make offers close to your stated price.

Remember, market conditions have changed. Your agent may suggest pricing your home lower than what others recently received to attract buyers. 

Sellers become buyers

Traditionally, the National Association of Realtors shared that most sellers moved within 15 miles of their current residence. That is no longer true. In fact, the number jumped to 50 miles! And those 55-and-older moved about 180 miles from home! And, as sellers become buyers, they are benefiting from increasing inventory and stabilizing home prices in the markets they are considering. 

We encourage potential sellers to have one of our agents refer you to a real estate professional in the market you are considering. That is a huge advantage we have in being with Coldwell Banker. There are outstanding agents around the nation – and the world – who can answer your questions and guide your buying process.

We believe one of the most important steps in selling is to remove “paralysis by analysis” as so many get really confused with all the information and data about the housing market. We encourage everyone who is considering a move to speak with one of our agents to get up-to-the-minute local information and greater understanding of the today’s selling process.