Selling your home for the first time can be an exciting yet overwhelming experience, especially in a dynamic real estate market like Rochester, NY. As we move into 2024, it’s crucial to understand the nuances of the local market, prepare your home effectively, and confidently navigate the selling process. Here’s what you need to know to make your home sale successful.
Understanding the Rochester Real Estate Market in 2024
Monroe County has been one of the HOTTEST MARKETS in the country for quite some time. Why? Here are the most important factors shaping the market:
- Home Prices: The median sales price in Monroe County for Rochester has shot up 83% since 2016 but even at our current $220,000 median sales price, we’re still well below the national average.
- Low Inventory: The number of homes available for sale is historically low. This is probably the most important factor in why homes only last an average of 7 days on the market.
- Interest Rates: Mortgage rates are expected to remain stable but slightly higher than in previous years.
Preparing Your Home for Sale
First impressions matter. Here’s how to get your home ready for the market:
- Declutter and Depersonalize: Remove personal items and excess clutter to make your home feel more spacious and allow potential buyers to envision themselves living there.
- Minor Repairs and Upgrades: Address any minor repairs and consider cost-effective upgrades like fresh paint, new light fixtures, or updated hardware to increase your home’s appeal.
- Curb Appeal: The exterior of your home is the first thing buyers see. Simple things you can do yourself such as making sure your lawn is well-maintained or adding some potted plants can go a long way!
- Professional Staging: Studies show hiring a professional stager results in a 1% to 5% increase in the home’s value compared to similar unstaged homes (Source: Architectural Digest) . There are also digital staging options to consider as well.
Navigating the Selling Process
Selling a home involves several steps, from listing to closing. Here’s what you need to do:
- Choose the Right Real Estate Agent: A knowledgeable local agent can provide invaluable insights into the Rochester market, help you set the right price, and market your home effectively.
- Set a Competitive Price: Your agent will conduct a comparative market analysis (CMA) to determine a competitive listing price that attracts buyers while ensuring you get a fair return.
- Market Your Home: Effective marketing is crucial. This includes professional photography, compelling online listings, virtual tours, and open houses.
- Negotiate Offers: Be prepared to negotiate with potential buyers. Your agent will help you evaluate offers, negotiate terms, and select the best one.
- Close the Deal: Once you’ve accepted an offer, there are several closing steps including inspections, appraisals, and finalizing paperwork. Your agent will guide you through this process to ensure a smooth transaction.
There is plenty more you need to know as a seller but do not worry! If you have the right agent on your side, they will help you throughout the home-selling process and keep you informed at every step along the way.
SHAMELESS PLUG: The Anthony Butera Team has sold the most homes in Monroe County since 2017 so we know how to make your selling journey as smooth as possible.
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