During the current economic climate we find ourselves in it could leave potential sellers wondering how to sell your home when interest rates are high. Some may want to simply wait out the market but for most selling their home can’t wait. So, we’re here with some strategies to help drum up more interest in your home when higher interest rates are impacting the demand for homes in the Bolivar, MO area.
List your home at a competitive price
When interest rates are high, buyers tend to scrutinize listing prices. If you start your asking price too high, potential buyers may not even take the time to tour your home. A savvy real estate agent who has been selling homes in the Bolivar area will be able to more accurately determine the value of your property in the economic climate you find yourself in. Listing your home at a price cheaper than you initially wanted may not feel good at first, but it’s the most common and effective way to solving the question of how to sell your home when interest rates are high.
Focus on your home’s best features
When marketing your home, make sure it stands out by emphasizing its unique features, any recent updates you’ve done, and anything else that makes it a great home. This will help justify the price you’re placing on the house.
Choose the best real estate agent for you
By using a local real estate agent that’s knowledgeable and helpful, you’ll have a realtor who not only understands the hyper-local market conditions but knows tried-and-true pricing strategies. However, you also want to make sure you pick someone who you get along with and trust. This will take off some of the stress of the home selling process.
If you really want to know how to sell your home when interest rates are high, the most useful information for your market will come from a successful, veteran real estate agent.
Stage your home
Staging your home is one of the best ways to make your home look more inviting and helps potential buyers imagine themselves living there. It also seems to be an underutilized technique – which is good news for you if you put in the effort to do it. Staging your home involves a deep clean of the interior and exterior of the house and, potentially, some minor decorating. Another suggestion we sometimes give during the staging process is to depersonalize the home as much you can once you begin to invite buyers to tour your home.
Supercharge your marketing
If you want to sell your home faster in ANY market conditions, either hire a professional photographer with experience taking photos inside and outside of homes. It may also be beneficial to offer virtual tours. Not only will this more effectively entice local home buyers but it may help those who are out of the area pull the trigger on buying the home based on their local realtor’s opinions or come down for a visit for themselves.
All too often home sellers try to get by with low-effort marketing strategies but if you’re trying to figure out how to sell your home when interest rates are high, this is a great way to gain an edge on your competition.
Be more accommodating with your showing schedule
Some potential buyers may not have the same schedule as you. Let buyers know on your listing that you are flexible with your showings and when a request comes in that initially seems inconvenient, think it over. Every tour has the opportunity to be the last one you have to give.
Have you thought about seller financing?
What is seller financing? It’s a real estate agreement in which the buyer signs a mortgage with the seller. Seller financing involves little to no closing costs, closes faster, and may not require an appraisal.
Buyers who are considering seller financing often are having a harder time getting a conventional loan (maybe due to poor credit) or are simply seeking a little lower interest rate than the ones the mortgage companies are offering.
Final thoughts on how to sell your home when interest rates are high
Navigating the housing market at any time can be frustrating. However, a veteran Bolivar, MO real estate agent can help you fine-tune your approach to aid in getting your home sold. Just understand that when you’re both trying to figure out how to sell your home when interest rates are high it may take longer than normal to get that “SOLD” sign in your front yard. The only thing you can do is try different things to speed things along. It’ll also ease your stress levels to be prepared to adjust your strategy on the fly and your listing price.
