Tips for a Successful Sale in Today’s Market

As the real estate market continues to rebalance and with interest rates higher than we’ve seen in 20 years, sellers can no longer count on a quick sale. Gone are the COVID-era days when buyers made offers significantly over the asking price — sometimes sight unseen — waived contingencies or got into absurd bidding wars with others.

Today’s higher interest rates present challenges for buyers, who likely must contend with steeper monthly mortgage payments. A higher monthly payment can also translate into having less cash on hand to pay for projects and upgrades to a property.

“We’re seeing a shift in the market here in the Santa Barbara area. There are more price drops, and inventory has slowly increased month after month. Right now, I’m telling my sellers that presentation and pricing are key to a successful sale. Overpricing a home in today’s market could lead to chasing the market down and will ultimately cost a seller more money,” says local Realtor Abel Ramos with Compass.

Ramos added, “As prices and interest rates remain high, buyers are more cautious. The homes that are selling quicker tend to require less work both inside and out.”

To make sure your home will impress buyers, you’ll likely need to roll up your sleeves and put in some work. Here are my top five tips to prepare your home for a successful sale in today’s market:

1) Tackle repairs and upgrades.  Potential buyers should remember your home in a positive light, not the one that needs the driveway or roof repaired. Buyers don’t expect every home to be newly remodeled, but they don’t want an extensive project list to address deferred maintenance, either. 

One way to identify any repairs that may be needed is to pay for a pre-listing inspection before your home goes on the market. Addressing these repairs first will help avoid issues that can arise once a home is under contract or even prevent scaring buyers away from making an offer.

2) Paint it white.  Buyers want light and bright, and one of the best ways to make your home feel updated is to paint the interior walls, ceiling, and trim white. Sherwin-Williams’s Pure White, Extra White, and Alabaster are some of my go-to favorites. Rooms with white walls and ceilings look larger because your eye sees one seamless canvas.

3) Add outdoor amenities.  Give your home a competitive advantage by adding outdoor living spaces, which can help increase the value of your property. Outdoor amenities such as a firepit, kitchen, and lighting, are in high demand post-pandemic. Throw in some fresh landscaping, and potential buyers will be planning their first barbeque in your backyard before the offer is even submitted.

4) Deep-clean your home’s interior and exterior.  A clean home (and I mean a deeply cleaned one) helps buyers feel that it has been well-maintained, even if the style of your home is outdated. Hiring a professional cleaning service will ensure that everything is sparkling and shiny. Don’t forget to clean the windows and power-wash the driveway!

5) Hire a professional staging company.  When home staging first became “a thing” about 15 years ago, it seemed like a luxury expense for sellers. Today, buyers expect to see a home that is staged. Staging helps neutralize a space so buyers can see themselves living in the home, and a dated home can feel much more contemporary with staging.

I’d love to see your home for sale! Tag me on social media @vacayrentaldesign!

Christine S. Cowles is the owner of Vacation Rental Design, an interior design company specializing in short-term rental properties. She is a certified Short-Term Rental Stylist™, member of Real Estate Staging Association, and a proud WEV graduate. She can be reached at hello@vacayrentaldesign.com.