In The Mind Of Today’s Seller
Considering selling? What can today’s homeowner be thinking? There are a mix of variables in today’s market, which add an element of mystery to forecasting, similar to a meteorologist’s predictions you might say. But the storm of buyers, at least in our region, remains. They cover the area, a dense fog destined to stick around until there’s a sudden boost in inventory and/or perhaps a series of half-percentage-point rate increases from the Fed. The concerns are real. On the other hand, the hope for a surge in listings to our market might be in the cards, but those are based upon a survey’s findings, they’re only another tool for speculation. Nonetheless, it’s a valid approach to entering the minds of home sellers.
Nowadays, the mind of a seller is certainly a mess, one could argue so too a buyer’s. It’s a seller’s market though, no? While that’s true, there’s an anxiety for many prospective sellers in prepping or listing their home for sale. Some also need to buy after they sell, a cause for hesitation and some Pepcid AC. “Sellers in the northeastern part of Pennsylvania, believe it or not, are still a little apprehensive about our market,” underscores Christina M. Keller, REALTOR® with Realty Network Group. “While inventory is low, very low in fact, making life much easier for my clients, who are thinking of putting their home on the market; some feel rushed attempting to get all their ducks in a row.”
Despite the jitters for some sellers, most are in a great position to move forward and with frugality. “Sellers are opting to save their money by not doing some of the basic upgrades we normally would see them do only a couple years ago,” indicates Mrs. Keller. “They don’t sense the need to replace worn flooring, repaint interior rooms or update their kitchens and baths. My sellers are smart and they understand this is the furthest thing we’ve had to a buyer’s market in quite some time. Armed with the knowledge there are fewer homes for buyers to choose from, they’re counting their savings and are letting the new owners do the work themselves post settlement. It’s been my experience that many home shoppers in the Greater Scranton area have come to expect this and are willing to take on the challenge to make their own updates. Unless of course, there are structural defects in the home, then they need to address and resolve said issues before getting to the closing table.”
“I don’t see buyers asking for the simple repairs to be done nearly as much as I experienced in the past. Buyers are simply happy to be chosen as so often there are multiple offers on the table for a single listing. Buyers who are willing to accept the property ‘as is’ are often the deciding factor and make the difference between the sellers accepting their offer or moving on to another. This can happen even when another offer comes in higher than the winning bid. Good news for sellers, not so much for buyers. The end result of this is we simply can’t negotiate a price reduction as easily as we did in the past.”
If you’re a seller who’s looking for a slight edge, listing your home mid or during the latter part of April might be the ticket. According to realtor.com, April 10-16th is the best time to list. “Sellers…can expect to find relatively high buyer interest, coupled with limited competition from other sellers, that equates to fast-selling homes at top dollar,” says Danielle Hale, the chief economist for realtor.com. Likewise, in looking back at 2021 home sales, Zillow has determined the end of April (21st through 28th) is “the most opportune time” to list.
It appears the next few weeks could be the sweet spot for sellers in 2022!
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