Thinking about selling your home in 2025? Many are, and not just the ones who listed their home in 2024 and haven’t seen any real offers yet. The key to being successful in this type of market is patience. You cannot expect to get a great offer the first week you list. Inventory is back up, along with interest rates, and that means buyers have to be more selective.
Buyers have limited options right now as well and you have to remember that they are the ones who have to cover these higher rates. If you are asking them to do that, you need to take into consideration how that may limit them on buying your property. With inflated rates they probably will not be able to invest in needed or wanted upgrades for some time.
Set A Fair Price
Despite fewer sales, higher interest rates and inventory and more working against the market, housing prices have remained strong and have even gone up in many areas. Your asking price needs to have some flexibility and it also needs to be fair. People are not buying the most expensive house in the neighborhood right now unless it has everything and is ready to move in today.
You need to be considerate of what’s fair to ask for and also what you require as far as your transition out of your home. It’s important to consider that before you list your home, even if you are going to wait until you sell, you want to have a plan in place. Consider what your options are if you get at or near your asking price.
Make Key Improvements
If someone buys your house and can only afford to put 25% down, that means they are probably going to be putting over $100,000 in cash down on your property just to make their loan more affordable. That restricts them, the lender and the insurance company as far as the improvements your property needs. This is not about putting in a new swimming pool, it’s about making improvements that not only may make your house better, but in a way, more affordable.
If a new roof costs $30,000 and new windows would cost $10,000, it may actually be more affordable and easier right now for the buyer to give you $50,000 more on the asking price than cover those costs themselves. Those improvements make the home buyable, not just for the lender but also for the insurance company.
Be Flexible
Interest rates go to the lender. Remember that, it’s not the buyers fault that rates are up but it is their money that has to cover both your asking price and the rates. So, if you find a buyer who you like and want to work with them, you may need to be flexible, especially if you want an asking price. This is where you need to consider options like an assumable mortgage or even rent-to-own.
Do you want to rent your property right now? Probably not, but a rent-to-own agreement allows you to rent it to a buyer with a plan to help them bypass the interest. It gets you a major financial advantage right now and in the future. There could be some downsides depending on what kind of agreement is being offered, but that’s where your realtor can step in.
Work With An Experienced Realtor
Working with a realtor is the smartest way to go and you especially want to work with someone who can help you to be more flexible with buyers. It does not matter what type of property you have, allow for your realtor to offer their opinion on what you should do, what to consider and what the local market is saying right now.
The added advantage of working with an experienced realtor is that much of the information that is considered is based on current market trends and what would work for your particular situation and property. They are familiar with state laws that give you certain advantages as well and can help you find the perfect buyer to maximize your return on investment.
