The real estate market is going to be quite competitive this year. 2023 ended with sellers hesitant to list their properties for fear that buyers would not approach the high interest rates and high home valuations. In truth, many homebuyers delayed jumping into the market for these factors, opting to save up for larger down payments or commit to living in rentals until such time as the markets shift dramatically. This shouldn’t discourage owners from listing their properties. Demand is still high in the Denver Front Range and inventory is close to historic lows. If you’re looking to sell, here are some Wise Tips to keep you competitive in the 2024 real estate market.
- Find a Listing Agent
This is key. A knowledgeable, known, and respected listing or real estate agent will help you gain footing in the real estate market (whether buying or selling). They will know where people are looking, market trends, and how contracts are being built for sale. They will also have experiential tips and tricks of their own to guide you through the process.
- Price to the Market
Home valuations are high compared to historical averages. This doesn’t necessarily mean you should price to these heights if you’re looking to sell. Competition in 2024 is going to be prevalent. High interest rates have made buyers savvy to property values and an exorbitant price will likely push prospective buyers away. We don’t want you to undercut your profits, either, so paying attention to the market around your property will help guide your pricing strategy. Work closely with your real estate agent to help find the golden ticket price!
- First Impressions
Your property has 3 moments to create a lasting First Impression. I know… 3 ‘first impressions’? Let me explain. The very first thing a prospective buyer will see is the price. This is your very first impression, but it is not likely the most important one. It is, however, the impression that will make a person decide to investigate further or to move on. The second first impression may be the most vital: your listing’s imagery. We highly recommend hiring a professional real estate photographer to capture your property’s character and charm. If these pictures don’t capture a buyer, they will move on to the next property. Your final first impression, which will convince the buyer at first glance, is curb appeal. If your house doesn’t look on the outside then it will be that much harder to impress buyers from inside. These 3 moments are all First impressions and should be considered thoroughly before listing your property for sale.
- Marketing
Most sellers leave the marketing to their agents, but post-pandemic buyers aren’t just looking to agents to find their dream home. They’re searching through social media groups and communities, on Craigslist, and on multiple websites. This is a great opportunity for sellers to reach more prospective buyers for very cheap and minimal effort. Join real estate communities and post your listing as a social post on different platforms. Engage with users who comment on your post. If you have a high valued home, perhaps boosting your post with a small budget can help find the right buyers through social media. You don’t have to spend much – even as little as $5-$20 can get thousands of eyes on your listing.
- Take Your Time
With competition comes time. We’re watching as the average days a property is listed continue to rise into 2024, slowly approaching record times. This is due to a variation of factors (low inventory, high prices, and hesitant buyers). As more inventory joins MLS in the spring, we may see the average days on market start to drop. More affordably priced homes and eager buyers will help with that average. But it’s always good to be patient and take your time when reviewing offers.Don’t jump on the first offer you get. Compare options and work with your agent to build the best contract for both parties. You may find that your 5th or 10th offer is the perfect deal to close! Be prepared to wait, even if you reach the average time on MLS (currently at
- Close With Confidence
The closing process can take a little while. Final inspections and bank transfers and the signing of documents can take days, or even weeks. Once you’re ready to close, close with confidence! If you don’t feel comfortable with the contract or the buyers, don’t close. Wait for the next opportunity. There’s never a worse feeling than having a contract at closing fall through because something was not properly worked out. This can also set back the process to square one with re-listing your property and gaining traction with new prospective buyers.
Are you ready to sell? Let’s get in touch with the Wise Team today and take the first step wisely.
