If you're considering selling your home, you've probably heard about the cooling housing market and are wondering what it means for you. While it isn't as intense as it was during the pandemic, we are still in a sellers' market. That means you didn't miss your chance. According to Realtor.com:

“. . . while prospective home sellers may lament that they missed their prime window, in reality, this is still a terrific time to sell. In fact, according to a recent Realtor.com® home seller survey, 95% of sellers who sold their home in the past year got more than they paid for it.

Nonetheless, some of the more prominent pandemic trends have changed, so sellers might wish to adjust accordingly to get the best deal possible.”

The key to success now is to be realistic and work with a trusted real estate expert who can help you establish your expectations based on where the market is currently, rather than where it was in previous years.

Here are a few things experts say today’s sellers need to consider.

Be Willing To Negotiate

At the peak of the pandemic frenzy, sellers had complete control because inventory was at an all-time low and buyers were eager to engage in bidding wars for available houses. As the market has cooled, the supply of available properties for sale has increased this year. Even if overall inventory remains low, buyers now have more options, which gives them greater bargaining power.

As a seller, you may notice more buyers getting an inspection, demanding repairs, or requesting assistance with closing expenses today. You must be prepared to have those discussions. According to Ali Wolf, Chief Economist at Zonda,

“Today’s market is different than it was just six months ago. . . Sellers that want the contract to move forward should be willing to work with the buyer. . . Consider helping with the closing costs or addressing many of the items on the home inspection list.”

Price Your Home at Market Value

Not only has the number of properties for sale increased this year. Buyer demand has also slowed as mortgage rates have risen. So, it's important to price your house right so you can get the attention of serious buyers. Bankrate's Chief Financial Analyst, Greg McBride, explains:

“Price your home realistically. This isn’t the housing market of April or May, so buyer traffic will be substantially slower, but appropriately priced homes are still selling quickly.”

You don’t want to overreach with your price and deter buyers.  At the same time, you don't want to undervalue your property and leave money on the table. This is another instance where an agent's knowledge comes in handy.

Think About Your First Impression on Buyers

Buyers have more options and are pickier about their investments because buying a home now costs more given today's mortgage rates. As a result, you must ensure that your home presents nicely. According to a realtor.com article:

“To stand out in the market, sellers should make their home attractive to buyers, which usually means some selective updates.”

This may involve everything from staging the home to performing minor cosmetic changes, repairs, or renovations. A trusted real estate consultant will assist you in determining what improvements may be worthwhile in comparison to recently sold properties in your neighborhood.

Bottom Line

To sum it all up, your house should still sell today and move quickly if you’re realistic about today’s market. As a press release from Zillow puts it:

“. . . sellers need to do things right to attract the attention of these buyers — pricing their home competitively and making their listing attractive to online home shoppers.”