4 WebsiteCompass Listen to the Experts if You Plan to Buy or Sell in 2022 Trends like low interest rates, limited inventory, and an increasing need for home office space are changing the pathways to closed deals for both buyers and sellers. Below are expert tips for making the most of the current market. Buyers While interest rates are still low, they are rising. This means if you want to buy a home, you should act now to get the best deals. But low rates mean more competition, so prepare to offer more than the asking price, have a substantial down payment, or even pay with cash. The home shortage is decreasing, but not by much, so competition remains fierce. You must be ready to act quickly on a property that seems like a good fit and be willing to make compromises on nonessential features. Finally, speed is important under the current conditions, but you should do your homework before taking initial steps. Researching neighborhoods, talking to bankers, and choosing the best possible real estate agent are good starting points. Sellers For sellers, low interest rates are pushing more potential buyers your way. Even as rates increase, some shoppers see purchasing a home as more affordable than renting. So, you can be choosier about which offers to accept. The housing shortage has put sellers in a good position. However, if you’re also a buyer, make sure to secure your next home before letting your current one go. As a seller, you should start your process by looking at the current inventory, with the help of a real estate agent, and taking note of the price, condition, and curbside appeal of competitive homes. What Not to DoWhen Selling Your Home The real estate market is great for sellers right now, but that doesn’t mean you can put up a “For Sale” sign and call it a day. You still need to take control of the process and avoid the following missteps: • Deferring needed repairs. Potential buyers should see a home they can imagine themselves living in right away without having to immediately fix things. • Personalizing the décor. Remove highly personal effects, such as photos and souvenirs. • Leaving the house cluttered during showings. Do a quick cleanup of any clutter around the house, including closets, where potential buyers are sure to look. • Wasting space. If you have a room you don’t use, stage it with furniture and other items to suggest a purpose for it. • Ignoring the competition. You don’t have to do everything your neighbors are doing, but you should certainly consider making changes based on the condition of nearby properties on the market. A little work on your part can lead to a big increase in the sale price. So, roll up your sleeves and get busy! QUICK TIP: Check out Zillow’s staging advice at zillow.com/ sellers-guide/how-to-stagehouse-to-sell. Feature Story
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