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The Best Way to Sell a Home in 2023

Doug Fielding

Are you looking to buy or sell property in the beautiful cities of Langley or Maple Ridge and their surrounding areas? Look no further than the Stratt...

Are you looking to buy or sell property in the beautiful cities of Langley or Maple Ridge and their surrounding areas? Look no further than the Stratt...

Sep 5 5 minutes read

While the current market is favorable to sellers, there are some challenges, including a limited number of home buyers and the ability to buy after you sell. Let’s take a look at some solutions.

The challenge: Fewer buyers in the market

Luckily, the low inventory in the current market has created some buyer competition, which means that your home will still likely find its buyer relatively quickly. However, because of high mortgage rates and high prices, there are fewer buyers in the market now than a year ago.

Solution #1: Work with an expert real estate agent

The best real estate agents have deep local knowledge, an extensive network of connections, and a repertoire of techniques to find the perfect buyer for your home—no matter what the market is doing. Check out a real estate agent’s website, their Google reviews, and their track record. Then have a chat with them about your hopes and expectations to see if it’s a good fit.

Solution #2: Tap your network

Still struggling to sell? Start asking around. It sounds simple, but putting out feelers can help you sell much faster than just sticking your home on Zillow. Talk to friends, family, coworkers, and acquaintances, and let them know your home is on the market. If anyone knows anyone looking to buy, they’re likely to put you in touch. And research shows that people like to do business with people they know—so you might end up selling your home faster than you expected.

Solution #3: Give buyers bang for their buck

Prices are high, so anything you can do to make your home offer more for the money is helpful. How do you do this? Make sure your home is updated, and highlight its unique characteristics when you list and during showings.

Do you have an assumable mortgage? Better check with your lender. Assumable mortgages are those that can be transferred to the new homebuyer with the current interest rate intact—so if you have one from before rates started rising, it’s a huge selling point. 

Another issue is HOA fees—they’ve been rising across the country, and that’s making homeownership less affordable for many. If you live in an area with high HOA fees, be sure to highlight what makes them worth it for your property. What does the HOA offer, and what makes your community stand out above the rest?

The challenge: Buying after you sell

Generally speaking, once you sell your home, you become a buyer in the same market—and buyers are facing several struggles right now. The major ones are high interest rates and low inventory. If these are concerns for you, here are a couple of solutions to try.

Solution #1: Use your equity to buy in cash

You're already aware that home prices have risen dramatically in the last few years. That means most homeowners have a lot of equity, or a lot of cash upon selling their homes. If this is you, you could potentially sell your home and buy your new one in cash, avoiding mortgage rates entirely. Depending on your market, you might need to downsize to do this—or relocate. If your equity doesn’t entirely cover the cost of your new home, another option is to use all of it as a downpayment, greatly reducing your mortgage term or mortgage payment on your new home. That way, you’ll pay far less interest over time, even though rates are high.

Solution #2: Look for an assumable mortgage

For the same reasons you should highlight an assumable mortgage as a selling point, you can look for one when you’re buying.

How do you find a home with an assumable mortgage? Ask your real estate agent. With the market the way that it is, many sellers with the ability to offer this option are listing it as a selling point—just like a big yard or a chef’s kitchen. If this is something you’re interested in, get in touch with your real estate agent and let them know.

Ready to sell?

We’re ready to help. Our expert team has the knowledge and contacts you need to sell your home at your price in the current market conditions. Ready to get started?

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