If you’re paying attention to real estate, you may have heard that the market is shifting from a seller’s market toward the buyer’s favor. This shift has primarily been caused by mortgage rates that have risen at an unprecedented pace. Some buyers have been priced out of the market by these higher mortgage rates, resulting in lower demand. Following the laws of supply and demand, decreased demand has cooled the market.
While sellers could once do no wrong with throngs of buyers clamoring for virtually any property, that is no longer the case. Bidding wars are far less common, and buyers are regaining some buying power. This means that sellers will need to work a little harder. The number of homes sold decreased by 27% in Sarasota County compared to last year. But the good news for sellers is that Sarasota County and Venice, FL, real estate is still proving to be profitable. Compared to last year, the median home sales price in the area has increased by nearly 25%. With the right real estate agent and careful preparation, sellers can still succeed in this market. Below is a simple five-point checklist to follow before listing your Venice, FL, home. Contact The Dinan Group when you’re ready to hit the market.
1. Select an experienced real estate agent
This is a critical tool for navigating a shifting market. Even during times of more certainty, selling a home requires a lot of work and legal requirements. Real estate agents provide insight into the market in your specific neighborhood, what today’s buyers are looking for, and your legal requirements as a seller. A real estate agent is trained and experienced in navigating the steps and can change the home-selling process from a headache to a pleasure.
Make sure to complete this step first so your real estate agent can advise you and assist you with the remainder of the checklist. The Dinan Group has completed this process countless times and is ready to help you as well.
2. Budget for selling expenses
An essential step in ensuring a successful home sale with minimal unwanted surprises is budgeting for expenses. Everyday expenses associated with the sale of your home will likely include the following:
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Home repairs to ensure everything is in working order;
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Renovations that may catch the attention of buyers and increase the value of your home;
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Closing costs such as real estate agent commissions, transfer taxes, and your share of property taxes (estimate 7-10% of the listing price);
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Home appraisals and inspections;
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Federal capital gains tax, if applicable;
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Mortgage payoff penalties;
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Staging fees;
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Photography and marketing expenses;
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Moving expenses; and
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Closing costs for the purchase of your next home.
3. Consider your timeline
Timing can make a difference in the real estate market. Summer months typically see more market activity than winter months. Consider whether the sale of your home is time sensitive or if you can wait for the right time of the year or the right offer. Consult your real estate agent so that, as a team, you can develop the best strategy for your home. This step is simple but can make a big difference overall.
4. Getting your home ready to list
This is the most obvious and usually the most involved step. With the market shifting in favor of the buyers, sellers should take special care to get their homes in top shape to attract the right buyers. The simplest aspect of this preparation will be removing clutter and minimizing personal items, allowing buyers to themselves and their own belongings in the home.
Now is also the time to complete those repairs and renovations you budgeted for to really elevate your piece of Venice, FL, real estate. Buyer’s inspections will identify anything that needs to be repaired during the buying process, so proactively taking care of these repairs will show buyers that you’re serious and committed to streamlining the process. Renovations with the best return on investment include minor bathroom remodeling, landscaping, and minor kitchen remodeling. Simple upgrades like new paint and light fixtures can also help to catch the attention of buyers. This is an area where an experienced real estate agent can advise you on what today’s buyers are looking for.
Staging your home can be another crucial step in preparing your home for sale. The National Association of Realtors reported that 82% of buyers felt that a staged home allowed them to visualize themselves at home in the property. Making your home memorable and relatable to more buyers will mean a faster and more successful sale. The Dinan Group has helped many clients prepare their homes for sale, and they are ready to do the same for you. With a trusted network of professionals, including stagers, designers, and more, your house will soon be looking its absolute best.
5. Trust your agent’s experience
You’ve taken care of a lot of the difficult steps, like carefully budgeting and painstakingly preparing your home. It’s now time for your Dinan Group agent to arrange for photos to be taken of your home, develop a unique marketing plan for your property, schedule showings, and generate excitement and multiple offers on your home. Your Venice, FL, real estate will be sold in no time, and the only thing left for you to do will be to pick out your next home.
Work with The Dinan Group to sell your home
The shifting market can make you feel like you missed the boat and should hold off on selling your home. However, if you follow this five-point checklist with the right agent, selling your home can still be a smooth and successful process.
If you’ve made the difficult decision to part with your beautiful home, the hardest part is over. All that’s left is this simple five-point checklist we’ve laid out, and you’re on to an easy sale and a stunning new home! The Dinan Group is honored to help you with this exciting new phase of life.
