The Biggest Challenges Sellers in Alabama Will Face In 2020Did you make resolutions for 2020, and was one of them selling your home? There are challenges that most home sellers face at any time of
Biggest Challenges Sellers will Face in Alabama In 2020
The Biggest Challenges Sellers in Alabama Will Face In 2020
Did you make resolutions for 2020, and was one of them selling your home? There are challenges that most home sellers face at any time of year, but a recent survey of 500 leading real estate agents outlines data that will get you ready for selling as we head into the early part of 2020. HomeLight's top agent insights survey from Q4 2019 shares helpful information for you to be aware of in tackling the challenge of selling your Alabama home.
It’s about balance
The 2020 real estate market will likely see a shift to a place of balance — where buyers and sellers both have favorable conditions — but it may not stay that way. One of the key challenges to keep in mind this year is that you won’t necessarily be working in a seller’s market. Agents in HomeLight’s survey reported that the sellers’ market peaked in Q2 2019 and gradually shifted toward more balanced conditions in Q3 and Q4. Predictions for 2020 suggest that the market will continue to soften. Nearly 44% of agents anticipated balanced conditions for their local market in 2020 while 15% said they’ll be moving towards a buyer’s market.
Beware of overpricing
When faced with a sellers’ market, there might be a tendency to overprice your home — that’s why working with a professional every step of the way is essential when pricing your property for a successful sale. In the HomeLight survey, nearly 50% of top agents said the biggest challenge people faced selling homes in 2019 was the temptation to go too high, even as buyer demand remained strong. As prices flatten or even decline in some areas, you’ll want to stay aware of market conditions in your Alabama neighborhood, as that will impact your pricing strategy.
According to current pricing data from Zillow, the median home value in Alabama is $140,030, up by 5.0% from the past year, with the site predicting a 3.6% rise within the next year. But beware of overpricing, according to Zillow again, the median price of homes currently listed in Alabama is $220,000 while the median price of homes that sold, is $159,300.
If it’s not broken, don’t fix it
Another concern with overpricing any time of year, is that it can lead to buyers requesting more repairs on your home before they close on the deal. In the survey, 14% of agents reported that more requests for repairs — for issues like structural defects, code violations, or safety concerns —presented the biggest challenge to selling a home.
Rethinking the open house
Open houses date back to the1900s, and top agents are questioning if they are still relevant. A little over half of survey respondents (52%) recommended an open house as part of their strategies, while 48% did not. Agents on average ranked the effectiveness of open houses as 4.4 on a scale of 1 to 10. You may find that the key to selling your home is focusing on online strategies.
If you keep these challenges in mind as you look to sell your home in 2020, you’ll be well on your way to success.