Updated Rules for Selling a House

Last year, higher interest rates forced some would-be buyers to put their plans on pause, leaving many sellers with limited options. But never fear — 2024 brings a new market with updated rules.According to national averages, Realtor.com^® reports some extremely encouraging guidelines for sellers in the housing market right now.

Rule 1: Buyers Are Back
With mortgage rates holding steady, more buyers are entering the market with, perhaps, increased confidence due to rate stability.

Rule 2: Step Up Your Home Game
Last year, buyers were more accepting of a property in need of renovations. But now, with inventory starting to increase, sellers may want to consider making their house stand out with interior and exterior updates.

Rule 3: Practice Patience
Getting a good offer may be as simple as winning the waiting game. An increase in buyers improves the chance you'll receive the offer you want if you're willing to wait for it.

Rule 4: Your Wiggle Room Has Expanded
More buyers signal a return to negotiating power. If you receive an offer lower than you hoped for or lacking in certain specifics you need, your real estate agent can advise you on making a counteroffer.

Rule 5: There's No Better Time Than Now
According to some economists, we're in a sweet spot where rates are steady, but the market hasn't quite picked up speed yet. This means now might be the prime time for savvy sellers to list. A real estate professional who understands your local market can help you find the best time to list your property.

Enchant Buyers With Stunning Fall Curb Appeal

As summer rays give way to autumn days, embrace the seasonal shift to captivate potential buyers. Whether your location experiences vibrant fall hues or remains warm and sunny, the change of seasons offers a unique opportunity to highlight the beauty of your home with thoughtful touches and transform its curb appeal into a welcoming masterpiece.

Create an inviting entryway. Paint or stain the door and update hardware for a new look. Add potted flowers like chrysanthemums, pansies or marigolds. Elevate autumn vibes with nontoxic apple or pumpkin spice sachets hidden in plants to surprise and delight visitors.

Clean up the landscape. Trim overgrown bushes and ensure the lawn is mowed and edged. Refresh mulch, then neatly place a few pinecones in your landscape for a bit of fall whimsy.

Enhance lighting. Install lighting along pathways and add a few strategically placed lanterns for a warm glow. Elegant lighting helps your home stand out during shorter fall days.

Understanding Down Payment Assistance Programs

Saving enough money for a down payment is a crucial step in turning your dream of homeownership into a reality. Fortunately, down payment assistance (DPA) programs can make this milestone easier to achieve.

DPA programs help home buyers afford down payments through grants or loans from government agencies, lenders or nonprofits. Most DPA programs are geared toward first-time buyers, but other buyers may qualify based on factors such as income, credit score and home location. According to industry research, 87% of properties in the U.S. qualify for down payment assistance, but many buyers are unaware of these programs.

If you're saving for a down payment, a real estate agent is your most valuable resource for understanding DPA programs and securing assistance if you're eligible.

The Difference Between a CMA and an Appraisal

Is it a comparative market analysis (CMA), or is it an appraisal? These real estate terms are often confused with one another, but they're actually quite different. Understanding the distinction is important for everyone involved in a real estate transaction.

Comparative Market Analysis (CMA)

• Definition: A real estate agent's estimate of a home's value based on comparable properties
• Purpose: An informal estimate that helps sellers set listing prices and buyers make offers
• Who: Real estate agents
• When: At the beginning of the selling process
• Cost: Usually free

Appraisal

• Definition: A professional evaluation of a property's value performed by a licensed appraiser
• Purpose: A formal assessment used by lenders to determine mortgage loan amounts
• Who: Licensed appraisers
• When: Required by the lender before approval of the mortgage
• Cost: Usually performed for a fee

Pro Tips for Market-Savvy Home Buyers

Whether you're a first-time buyer, someone needing more living space or an empty-nester looking to downsize, these smart strategies can help you secure your new home in today's dynamic real estate market.

Get pre-approved. Obtaining pre-approval for a mortgage gives you a clear budget to work with and shows sellers you're a serious and committed buyer, giving you a significant edge.

Consider fixer-uppers. Houses in need of repairs may not attract as many potential buyers. These properties may be less expensive, and with some renovations, you can significantly increase their value.

Act fast. With homes still selling quickly, your real estate agent will keep you informed and help you make swift decisions so you're ready to make a competitive offer when the time is right.