Estimated read time: 5-6 minutes
Navigating today's real estate market can be challenging, but with the right guidance and strategy, you can make the most of your hard-earned money. Experts at The Stern Team want to help you understand how to maximize the value of your investment, whether you are buying or selling a home.
Here are some essential tips and insights to guide you through the process.
Selling your home
Setting the right price
The right price is crucial when selling your home. It is critical to price your property at a realistic market value to generate the most interest. A property attracts the highest number of showings when it first hits the market. Starting too high and then dropping the price later can miss the initial excitement and fail to generate strong activity. Many homes overpriced at the start end up selling below market value.
Pricing your property competitively will generate the most activity from agents and buyers. By setting a competitive price from the outset, you maximize interest and create a sense of urgency among potential buyers.
Bankrate reports the asking price is "the starting point that influences how people view the property. If you overvalue it, people may be afraid or unwilling to place a bid, or worse, they might just scroll right past the listing without considering it at all."
"Price correctly. It will correlate to multiple offers, which will result in you making more money than pricing high and making price reductions," Josh Mondale, a Stern Team Realtor explains.
Marketing your home to sell
There's more to selling a home than simply listing it on the MLS. Effective marketing involves utilizing a diverse array of platforms to ensure your property reaches the right audience. Innovative strategies can maximize exposure and attract potential buyers.
Video ads: Video ads enable advanced targeting, allowing sellers to reach specific demographics and interests. This approach ensures that your property is seen by consumers who are most likely to be interested, including those who are hard to reach through traditional media.
Social media: Properly using social media can create targeted advertising campaigns that showcase your property to a broad audience along the Wasatch Front. This method is cost effective compared to print media and it provides real-time engagement and analytics allowing skilled realtors to optimize the campaign.
Open houses: Effective open houses need to be meticulously planned and executed by trained agents who combine traditional and modern marketing techniques, including social media postings, door knocking, call-arounds, and strategic signage. These efforts ensure high visibility and generate significant interest in your property.
Staging for effect
Staging your home to create a professional look that best represents your property is a critical component in showcasing your home in the best possible light to prospective buyers. Your goal is to achieve top dollar in the shortest amount of time by creating a warm and inviting environment that highlights the best architectural features and selling points of your home.
The National Association of Realtors reported that a 2021 survey of 4,600 properties found homes that were staged sold nine days faster and on average $40,000 over list price.
Here are some things to consider when staging your home:
Declutter and depersonalize: Remove personal items and unnecessary clutter. This allows buyers to envision themselves living in the space without being distracted by personal belongings.
Highlight key features: Focus on the unique and desirable features of your home. Whether it's a stunning fireplace, high ceilings, or custom cabinetry, make sure these aspects stand out to buyers.
Create a warm and inviting atmosphere: Ensure that every room feels warm and inviting. From the right lighting to the perfect placement of furniture, aim to make every area of your home appealing.
By following these staging tips and utilizing our expertise, you can effectively market your home, attract serious buyers, and achieve the best possible outcome in today's competitive real estate market.
Buying your dream home
Here are some key tips to help you secure the home of your dreams:
Think outside the box
In today's market, it's important to explore all available options to make a smart purchase. One innovative approach is to consider alternative financing options.
"Take advantage of seller financing and assumable loans that are available....this is a great way to take advantage of lower interest rates that sellers have that could be passed on to the buyer," says Michael Wolters, a Stern Team Realtor
Seller financing allows buyers to make payments directly to the seller, often with more flexible terms than traditional mortgages. Assumable loans let buyers take over the seller's existing mortgage, potentially benefiting from lower interest rates. These creative financing options can make home ownership more accessible and affordable.
Don't wait to buy
Timing the market can be a risky strategy. Instead of waiting for perfect conditions, consider the benefits of buying now.
"It is better to buy now and build equity than to wait and hope rates drop," Stern Team expert Hunter Moore explains.
By purchasing a home now, you start building equity immediately. Over time, the value of your property can appreciate, providing you with financial stability and growth. Additionally, waiting for interest rates to drop can mean missing out on current opportunities and potential equity gains. Acting now allows you to lock in a property at today's prices and start benefiting from home ownership right away.
Stay flexible and patient
Buying a home can be an emotional journey, especially in a competitive market. Stay flexible with your expectations and patient throughout the process. If you lose out on a property, remember that the right home is out there, and your persistence will pay off.
By following these tips from experts at The Stern Team you can navigate the complexities of today's real estate market and find a home that meets your needs and budget.
