What to expect in a changing Market

3 Tips for Sellers

Here are 3 tips for sellers as the real estate market changes in Owensboro. Although interest rates have skyrocketed since 2022, one thing remains the same: people continue to buy and sell real estate. Whether they are buying their first home, or have a huge life event such as a death or divorce, people are moving regardless of the changing market. 

While we certainly felt a slow down this winter, buyers and sellers remain very active and the demand for homes in Owensboro, Kentucky is much greater than the inventory. This means, we are still in a “seller’s market.” Overall, home prices are staying high and sellers are still receiving excellent returns on their investments. However, as prices remain high, buyers are becoming pickier than they have been in the past. Here are 3 expectations for selling your home in 2023.

Tip For Sellers #1

The first tip I have for sellers in this changing market is to to pay for updates and repairs. Last year, buyers were turning a blind eye to homes with imperfections. Needs new carpet? No big deal! Whole house needs to be painted? Great! They’ll get to pick out their own colors! This year, however, has proven to be a little different. With interest rates hovering near 7%, mortgages are much higher than they used to be, which means there will be less money each month for making repairs. Nowadays, as most buyers walk through homes, they start deducting the price of repairs and updates from the asking price. 

Because of these higher expectations, sellers MUST clean their homes extensively before it hits the market. That is a nonnegotiable! Whether you hire a professional or spend a weekend doing it yourself, do not skip this step!! You should also consider making small repairs and updates. Repairing damaged trim from pets, removing outdated wallpaper, and painting rooms in neutral colors can pay off in the long run. While these items might seem small, to a buyer it makes the home feel clean and updated.

Tip For Sellers #2

My second tip for sellers is to set realistic expectations from the beginning. Get with your realtor to look at realistic comparables to your home and determine price based on the updates of those comparables. 

When setting the price of your home, discuss how much you should add and subtract from your asking price depending on the upgrades your home has compared to the others recently sold. Remember, if a house isn’t pending yet you really can’t consider it a comparable sale. Look at the prices of sold and pending homes. Also, consider how many other homes are for sale exactly like yours. Supply and demand will certainly affect your asking price.

 Once you have set your asking price, be prepared to lower it a bit depending on feedback from buyers. Setting those expectations from the beginning is essential for having a good experience!

Seller Tip #3

The next tip for sellers is to check your price after 10 showings.

Bottom line, if you haven’t received any offers after 10 showings, this could mean your home is overpriced. Ask your realtor for feedback from buyers. 

  1. Is there something out of your control like location that is hurting the sale?
  2. Are people worried about the amount of updates needed? If so, you might consider getting some estimates. Even if you don’t actually have the work done, it can be a great way to negotiate with interested buyers. If they are consistently worried about adding new flooring, get an exact estimate and be prepared to lower the price by the amount on that quote. That’s a negotiation people might be willing to work with! 

I hope these 3 expectations for selling your home will help you as you think about selling your home. Never hesitate to reach out if you want to talk about getting the process started! I’m always here to help. Check out my listings and areas of Owensboro to browse properties for sale in today’s market! 

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