Market conditions seem to be fluctuating a lot right now. One day all the talk is about how fast homes are selling and the next it’s focused on rising interest rates and increased carrying costs.
Homeowners that are considering selling have lots of questions and concerns. To help make the process as easy as possible, here are some tips to help Birmingham homeowners sell their houses in 2022.
Tackle Necessary Upgrades or Repairs
While Birmingham markets continue to be strong, if you want to sell your home quickly, it’s important that it be prepared for the market. This means taking care of any needed repairs and, potentially, doing some upgrades.
When deciding what to do, prioritize repairs. You’ll likely have to address those during the inspection period anyway, so you might as well go ahead and take care of them. When going through this process, don’t overlook small repairs. Simple projects might seem insignificant, but they can have a big impact on getting your home sold.
If potential buyers see small projects everywhere in your house, they’ll get concerned about the condition and worry that it has not been well taken care of. This means it’s important to handle repairs, big and small, before listing your home.
Depending on your home’s condition, it might also be necessary to make some upgrades, but it’s important to be strategic about these. Talk with a real estate professional or have a pre-sale inspection to identify key problem areas in your home. Some projects won’t give you a 100% return, so it’s important to prioritize repairs and be strategic about upgrades.
Once you’ve created a list of projects that need to be addressed, get those done before listing or pricing your home.
Hire a Real Estate Agent That Understands Your Area
If you’re going to list your home, you need to work with an agent that knows your Birmingham area and that is on top of market conditions. Prices and demand are changing, so it’s important for your agent to be well informed. This is vital for ensuring that you get accurate advice and, perhaps most importantly, so your home is priced correctly.
Finding and hiring the right agent can be a time-consuming process. Additionally, you’ll likely pay agents 6% of the closing price as commission, which is a lot! That said, if you’re going to list your home it’s important to work with a top agent. This ensures that your home is prepared for the market, priced right, and sells in a timely fashion.
Pay Attention to Mortgage Rates
Mortgage rates have been steadily rising in 2022 and might not have seen their peak yet. While this might seem like an issue that impacts buyers more than sellers, sellers still need to pay attention to interest rates. As rates go up, buyers’ purchasing power decreases. This can lead to reduced demand and falling home prices.
If you need to sell your home in 2022, sooner is better. As rates continue to rise, demand will likely soften. While rates are substantially higher than they’ve been in the last two years, there is still demand and home prices are continuing to rise, just at a slower pace than they have in the last two years. Take advantage of this lingering demand and get your home on the market as soon as possible to avoid being substantially impacted by rising interest rates.
Other Things to Keep in Mind When Listing Your Home
As you prepare your home for the market, here are a few other things that you should keep in mind:
- Real estate markets can change quickly. Make sure to stay on top of current conditions and to work with an agent that is closely monitoring markets to make sure you sell your home as quickly as possible and get the most for it that you can.
- Be prepared to spend some money to get your house sold. You’ll need to invest some money to prepare your house for the market, and you’ll likely have to spend some money during the inspection period once your house is under contract. Have some cash available for these expenses so you’re not caught off guard and unprepared.
- Be patient. While you’ve no doubt read about homeowners getting lots of offers the minute, they put their home on the market, that is no longer the norm. Selling a home takes time, and on average it’s 60 days from when the property is listed until when it closes. Be patient and don’t panic if your home doesn’t sell right away.
Want to Sell Your Home Fast?
If you’re not interested in navigating changing market conditions and softening real estate markets, there are other ways to sell your home. Rather than making repairs, hiring an agent, and going through the traditional closing process, you can sell your home as-is to a cash buyer.
At Home Buyers Birmingham, we buy homes in any condition for cash. This means that homeowners:
- Don’t have to invest more money or time in their house to get it sold. We buy houses as-is, no matter the condition. This means you don’t have to worry about repairs, upgrades, or even cleaning.
- Don’t have to pay real estate commissions or closing costs. We aren’t agents and won’t receive a commission. Plus, we pay for all closing costs. Sellers don’t pay any fees or costs.
- Don’t have to worry about changing interest rates because we pay cash.
- Don’t have to wait to get their home sold. We close fast and on your schedule. We’ll give you a cash offer within 24 hours of seeing your home and can close within 7 days of when you accept our offer.
Contact us today online or at (205) 687-0604 to learn more or to get a cash offer.
Home Buyers Birmingham
1821 11th Avenue South Suite #55331
Birmingham, Alabama 35205