Home sellers in 2020 have some good news to enjoy: in most regions, real estate is still a seller’s market.
That means that there’s a lower inventory of homes than can meet demand, which bodes well for sellers—generally, it means your home will probably spend less time on the market.
However, that doesn’t mean you should get too comfortable. There are still challenges facing sellers in 2020, and the best way to meet them? Preparation. Here’s what you need to know to sell your home in 2020.
The greatest challenge facing sellers is a self-imposed one.
It might surprise you to know that the biggest challenge facing sellers in 2020, according to HomeLight’s Top Agent Insights Q4 2019 survey is one they create on their own. And that’s a tendency to overprice their homes.
Real estate agents said that they’re seeing sellers do this frequently—and that may be partly due to the fact that it is, in fact, a seller’s market.
However, overpricing is much more likely to backfire on a seller than to help them sell at a higher price. If your home is overpriced, it can send a message to potential buyers that you’re unreasonable or greedy—and that can make them wary of going through a home purchase with you.
In addition, overpricing your home will reduce the number of potential buyers who look at your home, as those for whom it’s out of budget—even though it actually shouldn’t be—will likely not even see it, especially if they’re searching online.
Finally, overpricing usually leads to the need for multiple price cuts. Rather than attract buyers, this can lead them to wonder what’s wrong with the property.
A much better tactic is to price your home correctly from the start.
Selling a house in 2020 comes with certain challenges, just like it does any other year. But by being prepared, you’ll end up with a “Sold” sign in your yard before you know it.