Selling the Perfect Home in this Crazy Market
By Julie Lane
A number one-selling agent at Janet McAfee Real Estate several times, Julie Lane has been in the real estate business since 2008. She can be reached through her website julielandrealestate.com
In the ever-evolving world of real estate, selling a luxury home requires careful planning, precise execution, and a deep understanding of the current market trends. Looking at the midway mark of 2023, the landscape for selling high-end properties has evolved, presenting both challenges and opportunities for homeowners and real estate agents alike. If you are considering selling your home, here are some things which you need to know:
The Market is Likely Going to Slow Down. While we still see multiple contracts for above asking price, the market is likely going to slow down. The good news is we’re seeing more houses in the $2-million-plus range hit the market — a sign that the time to sell is now.
The Market Changes Quickly. We’ve seen the market change in a couple of weeks or a month. Just because things were selling briskly last month doesn’t mean it will be the same when you are ready to sell. You just can’t time the market. If you are ready to sell, there is a buyer out there who is ready to buy.
Despite 6.7 percent Mortgage Rates, It’s Still A Good Time to Buy. We’re seeing more all-cash offers, but nevertheless, buyers can always refinance their mortgage if rates drop. Remember, buyers are expecting to pay more for homes than they have in the past, so don’t wait to put your home on the market because chances are buyers will then expect to pay less when the market cools off.
Backlog of New Construction. Buyers for newly built homes are growing frustrated with the backlog of new home construction. That means if you want to sell your home in a desirable area, chances are good there’s a buyer who will buy it instead of waiting for new homes to hit the market.
Move-In-Ready is Not the Same to Everyone. For some, move-in-ready means they don’t have to do anything. Others are looking for something well cared for but know they will have to personalize it to their taste. Still others are happy with a home that needs a new kitchen if everything else is what they want. If you think you have a home that's move-in-ready, remember it's only move-in-ready if the buyer thinks so. Price will dictate how the condition will translate in our market.
People Aren’t Moving. With an uncertain economy and the cost to move rising, more people are staying in their homes longer. If you are ready to move, regardless of where you are going, don’t miss this sellers market. Once it is gone, it may take an entire economic cycle to return.
Be Patient. Not so long ago we saw homes go on the market and sell in the first few days. And while it still happens, it’s more likely that it will take up to 30 or 50 days for the market to find its way to you. There are plenty of buyers out there who are still your ideal target buyer. Again, price is paramount in this and every market. It you have showings and no real interest then you are most likely priced too high. Act swiftly. Choosing an agent who has been engaged in the market for many selling seasons and works full-time will be your best chance to capture the nuances.
Hire the Right Agent. You must choose an agent with longevity in the industry that has remained consistently successful. Many new agents will come and go and some existing agents may or may not understand the complexity of this quickly changing market. Our Sales Contract is nine pages long, which means that price is not the only negotiation that is required. You must choose an agent who you feel confident in. That may or may not be someone you know personally. This is NOT the market to navigate without the right agent. There is always a lot at stake when buying or selling a home.
Selling a luxury home in 2023 requires a strategic approach that combines traditional real estate practices with innovative techniques. By leveraging technology, understanding the target market, and partnering with an experienced agent, you can position your property for success in a competitive market. With careful planning, effective marketing, and adaptability to changing trends, you can maximize the value of your luxury home and achieve a successful sale in 2023.
Julie can be reached through her website julielandrealestate.com