2 Real-Estate Experts Reveal How Sellers Can Stand Out as Inventory Starts to Spike
List on this day of the week, to start.
Published Apr 30, 2022 1:03 AM
The current real-estate market can best be described as everyone for themselves. So we felt a jolt of excitement when we saw that Realtor.com reported in its latest study that housing prices are going down (or at least growing stagnant) in some metro areas like Pittsburgh and Los Angeles (they’re dipping 13.7 and 5 percent, respectively). But when we checked with the experts at Zillow, we learned that this still isn’t the case in most places. In fact, its economists saw home-value growth break the record in March, with prices spiking 20.6 percent compared to this time last year.
Fortunately, one thing is for sure: There are more houses available. “Spring is the traditional home shopping season when most buyers enter the market, so we expect more sellers to list their home for sale at this time of year,” says Amanda Pendleton, Zillow’s trend expert. Overall, inventory rose upwards of 11 percent in March from February, according to Pendleton. While that’s great news for potential buyers, sellers may be in need of some guidance. So we asked Pendleton and Daryl Fairweather, chief economist at Redfin, to share their top three tips to keep in mind when listing this spring.
Price Lower to Start
For some sellers, getting their home off their hands fast is more important than receiving competitive (read: above asking price) offers. Fairweather encourages homeowners who are in a hurry to start their listing price lower than market standard. She says, “If the price is too low, you could get multiple offers above the list price, but if the price is too high, you may get no offers at all.”
Focus on Standout Features
Because of the increase in inventory, making sure your listing stands out in the sea of other properties is key. Professional high-resolution photography alone will draw people, notes Pendleton. “Listings with a virtual 3D tour get around 50 percent more views and saves than homes without,” she reveals. Also mentioning upgraded appliances, heated floors, or even a pizza oven can get buyers buzzing.
List on a Thursday
Not only can listing in April or May give your asking price a 2.8 percent boost, Pendleton shares that even taking into account the day of the week—Thursday is best!—you put up your virtual “For Sale” sign can add a 0.3 percent increase. Play the long game, and by the end of the weekend you might have a solid offer.