It may seem like a long way away, but the spring market is just around the corner. In recent years, the hottest time in DC real estate has typically started not long after New Year’s. New listings start coming on by February, and the numbers grow in volume as spring progresses. But just because the market is undersupplied doesn’t mean that sellers can command any price or fail to prepare their house for sale. Not if they want the best price possible AND a quick sale.
First of all, consider your situation. What are your priorities? Money? Speed? Rent back? Sell before you buy? Work on the house? Do nothing? Timing? All of these items can impact the way a home is ultimately marketed and sold and should be discussed in full with your agent.
As a seller, you get to decide on the condition of the “product” while your agent controls the marketing. Together, we team to sell the listing. Sometimes it involves some hefty tweaking of the property itself (revamped bathrooms, walls moved, new windows, etc). Other properties might require just cosmetic stuff (decluttering, minor landscaping or paint). There’s no right or wrong approach. A lot of it depends on your budget, your tolerance for upheaval and construction, and timing. We recommend that you consult with a realtor early on to help prioritize your “to-do” list.
Investing in physical improvements to a home can increase its sale price dramatically, but many clients aren’t able to spend that money. With Compass Concierge, we can now fund the cosmetic services that will increase the value of your property – staging, repairs, cleaning, landscaping- and when your home sells, you’ll simply add that amount (and nothing more) to the commission.
If you are concerned about the state of your aging home, you might consider hiring an inspector for a pre-listing inspection. We do NOT usually recommend this approach (ask us why!!). We do understand, however, that sometimes it’s better to take care of known issues now when you control the terms and the timing than to have them become a negotiating point when you are on the market. Plus, you get bragging rights for the repair/replacement.
The next step is to start thinking like a buyer. What was it that attracted you to it in the first place? How is the neighborhood? These impressions once shared with your agent, can help with marketing. Be sure to tour other houses in the neighborhood. See how they are presented and how quickly they take to go under contract (we’ve got a great tool to help you keep up with this information). Follow up and see what price they got in the end. It all helps shape a strategy for your own home.
December may have just begun, but February is just around the corner. If you’re looking to hit the market running in the Spring, then a Winter call is in order! We’d love to help.