The real estate market is constantly changing; trying to sell your home in 2024 could be completely different from the selling experience in 2023.
So, the question is, if you’re planning on selling your home this year, what do you need to know about the market?
A recent article from realtor.com outlined key things homeowners need to know about selling their home in 2024, including:
Prepare for bidding wars. Low inventory and high interest rates made it hard to buy a home in 2023 and, as such, many would-be buyers decided to wait for better conditions. But now that mortgage rates are dropping, many of those would-be buyers are entering the market, which means there will be more competition for available properties, leading to potential bidding wars.
Work hard to make your home stand out. With such low inventory last year, many buyers were happy to buy less-than-ideal properties. But with market conditions improving, you can expect more homeowners to list their properties. That means buyers will have more options, so if you’re planning to sell your home, it’s important to upgrade your property and invest in making your home as appealing to buyers as possible by refreshing the landscaping, or replacing dated or broken light fixtures, for example.
There’s more room for negotiation. With so few buyers in 2023, negotiating was a challenge, and sellers often accepted offers as is. But as market conditions improve and more buyers hit the market, sellers may have more room to negotiate better offers.
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