Friday, February 14, 2020 / by Vinny Steo
In residential real estate, 2020 arrives much the same way that 2019 did – with tight inventory. The new economic boom has added some wrinkles to home selling strategies while reintroducing some of those old-school favorites like sound fundamental fiscal practices. Here are seven tips home sellers to help them survive in 2020.
1. Price correctly from the get-go
Don’t start out too high-priced just to test the waters because your backup plan of adjusting on the fly may prove pointless. The first 30 days a home is on the market are when it gets the most attention from potential buyers and their agents.
2. Fix earlier pricing mistakes
If you've already made the pricing mistake of not following the tip above, consider taking the home off the market and repositioning it for later entry. You can make some relatively simple cosmetic improvements such as new paint and landscaping and then list it again but at the right price.
3. Looks do matter
Don't underestimate the importance of curb appeal. Not only is there an acute price war going on out there, but there's also a beauty contest being staged. If your home's outside doesn't pass the drive-by test, the interior won't, because it will not be viewed by serious buyers, who are already off to view the next home on their list.
4. Don't overdo it.
By contrast, if you go too far in improving your place, you likely will not be able to recoup your remodeling investment. Make sure any improvements will increase the value of your home. Upgrades to kitchen, baths, and flooring add the most value.
5. Don't be an ambiguous seller.
Either you are going to sell, or you aren't. Why waste everyone's time, including yours?
6. Watch Energy Upgrades
A low- or midgrade energy retrofit will make your home greener and more marketable, and it won't bankrupt you. The selling point of seeing thousands of dollars in energy savings down the road is a timely one.
7. Hold fast: Don't sell in a panic
Unless you owe more than what your home is worth or face a job change, relocation, divorce, health crisis or other major negative life events, then wait until next year or the year after to sell. Current conditions are not permanent.