Every homeowner will sell or entertain selling their home at one point in time. The homebuying market is ever-changing so the seller’s home market process will always be fluid. Here are some questions to ponder if and when you are ready to list.
Is now a good time to sell?
The current home market whether good or bad will affect the 
sale of your home. Researching the current trends is a good way to tackle the process however, consulting a Realtor is your best option. A Realtor can advise you of a perfect strategy to sell your home in the current market. Currently, we are in a good housing market with record low-interest rates and a shortage of homes for sale.
“Federally backed mortgages cannot initiate foreclosure … for 60 days starting March 18, 2020,” according to a recent release by the Louisiana Fair Housing Action Center.
If a homeowner is in need to sell because they are short on finances, they can have more time to sell and get out of the possibility of a foreclosure on their home. In the current market, it is acceptable to ask a mortgage holder for up to six months of “forbearance” on their mortgage. They will not be penalized because they have declared hardship. This will give a strained homeowner time to list their house with a Realtor and sell.
My house is currently on the market, in the current market do I need to withdraw my listing or reduce the price?
The housing market as said early is ever-changing. Your Realtor can advise you on these decisions. According to the Multiple Listing Service, Orleans Parish homeowners who have their homes listed have withdrawn their listings or let them expire these last three weeks.
This might not be the right decision for every homeowner in the current market. You and your Realtor should decide what makes sense for you.
If a homeowner is ready to sell for peace of mind, then the price is not as much of an issue. Sellers can also negotiate with closing costs, or repairs and upgrades. These incentives can be enticing for potential homebuyers.
According to Margaret Lewis Stewart of Latter & Blum, situations at the time are different in every unique listing. She had a seller that accepted an offer where the buyer asked for $70,000 worth of repairs and upgrades. “The sellers agreed — the money was less important to them as freeing themselves from what they felt had become the burden of homeownership,” Steward said.
“If the house was priced properly to begin with, it will sell, even if you have to wait a bit longer,” says Stewart.
In the current market, will fall be the best time to sell?
Currently, market trends point towards a slower spring and fall market for 2020. Realtors do admit this can change in the next few weeks and months.
Once again, a homeowner’s unique situation is the big catalyst as to when to list a home for sale. Now would be a good time for someone who requires more space to sell asap. A new child or an in-law who has to move in to be looked after are two good examples. Another urgent situation, which was mentioned earlier, is financial pressure. If someone is just interested in a change, now would not be the best time to sell.
“We have clients who want to sell their houses now because they know both inventory and interest rates are low, and that’s smart,” Danette O’Neal, a Realtor and broker of her own agency, is the president of the Louisiana Chapter of the Women’s Council of Realtors said.
Another tapped market she advises is the online house hunters which have all the time on their hands to check out virtual tours and social media. A Realtor can help with things such as staging your home and getting a professional to take photos and videos. The quality of the images and videos uploaded to the internet is very important.
If now is the time, what do you need to know to list your home?
Technology is very important when marketing a home this day in age. Most can be done virtually from the viewing, the contract, the inspections and the closings. A Realtor can guide you through this virtual experience. Realtors know how to navigate the current home market and will price your house realistically.
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