As the Real Estate market shifts, gone are the days of the feverish way Buyers approach – and bid on – properties. If you’re currently selling, or thinking about selling your property, we’ve identified five important things to do to help you achieve your Real Estate goals in today’s market.
- Set The Right Price
Home prices are significantly higher were they were one, two and even three years ago. If you purchased your property before mid-2020, the equity you’ve built is significant. For example, Whitefish, Montana average sales prices have risen +152% since January 2020, Kalispell, Montana average sales prices have risen +106% and Missoula, Montana average sales prices have risen +79%, over the same period. Now is not the time to get greedy and push the price, even to “test” the market. Setting the right price will attract interested buyers and not have your property sit on the market for an unnecessarily long time, inevitably a “stain” on listings.
- Be Patient
Properties listed at the right price will sell, it might just take longer than the last two pandemic-fueled years. Even with higher interest rates, there are still plenty of Buyers out there interested (and offering on properties) in Western Montana. It will just take a bit longer.
- Don’t Expect Multiple Offers
In most cases, properties won’t receive multiple offers. Of course, properties in high demand (for example, in Whitefish, Montana, specifically, demand is high for homes on Whitefish Lake or those zoned for short term-nightly/weekly rentals) priced fairly, or even below market value, will garner more attention, and possibly several offers. For a well priced single family home, townhome or vacant lot in Western Montana, with a fair price, you can expect attention, just not a bidding war.
- List Now, Before Rates Increase
According to Nadia Evangelou, Senior Economist and Director of Forecasting for the National Association of REALTORS, “Since the beginning of the year, home buying has cost about $800 more every month.” For those home buyers who were stretching their budgets, this has forced them to push pause and reevaluate their property search. In order to maximize on the number of Buyers in your property’s budget pool, working to list before any further rate increases will help your chances of selling more quickly. Even if you’re not ready to move out, consider a lease-back; this will allow Buyers the ability to lock in a rate before they need to move in, and you, out.
- Work With An Experienced Agent
Our digital age allows all interested consumers the ability to see new listings, price reductions and when properties close (although in Montana, a non-disclosure state, you won’t see the final price a property closed at). With that, many consumers feel knowledgable enough to tackle pricing – and listing – their property on their own. Working with an experienced Real Estate Agent will alleviate a lot of the stress and pressure that comes with listing your own property. Working with an experienced Agent will allow you to set a fair market value for your property (which, as we know from above, is crucial in today’s market), identify improvement opportunities and create a strong marketing plan to garner as many prospective Buyers’ eyes on your property as possible.
If you’re curious, concerned or just want to talk about the equity you’ve built in your property over the past several years, contact us. Our team of Flathead Valley, Missoula and Helena-based agents are primed and ready to help you set – and achieve – your Real Estate goals.