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According to Forbes, for every $100 you put into staging, you could see a return of $400.
Selling your home is a big decision and a time that you want to be prepared. In Flagstaff, we are experiencing a seller’s market, meaning that the housing inventory is scarce and there is an abundance of buyers looking to find a home.
Compared to this time in 2021, the total active listings in Flagstaff are down 15%, with new listings down 32%. However, we are seeing that the sold volume is up 18%. So while we are seeing fewer homes on the market, the ones that are available are selling quickly and at a 30% increase of sales price compared to 2021.
Why is Low Inventory Good for Sellers?
- Better Seller Terms: During a seller’s market, the seller is in the driver’s seat. When you have multiple buyers wanting a chance at your home, they want to make their offer more appealing than the others. Recently, we have seen the use of non-refundable earnest money, appraisal waivers, inspection repair waivers, short escrows and more!
- Greater Return on Investment: As prices rise, your home gains value, and your equity increases. When selling your home with higher equity, you will have the ability to put that money toward the down payment of your next home.
- Higher Prices: With the number of homes for sale being low when a new home comes on the market, buyers flock to see it and submit offers. In many cases, this causes competition among buyers, which can drive up the price of your home – simple supply and demand! This can potentially net you more for your home.
Preparing Your Home for Sale
Preparing to sell your home typically takes work. Whether that’s your own sweat equity with some deep cleaning and home repairs, or professional improvements, you will want to get your home in top shape if you want top dollar. Spend time getting your home move-in ready, in a way that will appeal to the broadest range of potential buyers.
Consider getting a home inspection before you put your home on the market. A pre-inspection can help you avoid surprise repairs or issues with the home. Buyers will hire an inspector of their own and the fewer issues they find, the happier they will be!
Staging Your Home
Staging your home to sell is an important part of the sales process. According to Forbes, for every $100 you put into staging, you could see a return of $400. If you want to sell for top dollar, you should consider this important step. Make the home inviting and as neutral as possible. Highlight your home’s strengths and downplay its weaknesses to appeal to the largest pool of prospective buyers.
Finding the right listing price for your home can be a challenge, but it’s one of the most important factors in a successful home sale. Homes that are accurately priced are more likely to sell in a timely manner. According to Zillow research, 57% of homes nationwide sell at, or above, listing price when they accept an offer in the first week. In the second week on the market, that drops to 50% and trends downward as the weeks go on. A realtor is your local expert who can advise you on a competitive pricing strategy.
Working with a knowledgeable realtor can help prepare, stage and price your home to ensure a successful and timely outcome. FBN
By Alana Bateman and Shannon Mackey
Alana Bateman and Shannon Mackey are realtors at Russ Lyon Sotheby’s International Realty. They can be reached at