Syracuse is a vibrant city with a rich history and culture. Naturally, the city’s real estate market has seen steady growth in recent years. According to data from Zillow, home values in Syracuse have increased by over 6% in the past year alone.
However, listing and selling a home can be complex, so it’s important to research beforehand. The real estate market can be complex, and there are several factors you should consider. Here are ten things you need to know:
- Prepare Your Home for Showings
With homes selling so quickly in Syracuse, you’ll need to have your property in “showing ready” condition from day one of listing. In the competitive real estate market, every detail counts. That means deep cleaning, decluttering, depersonalizing, and making any needed repairs or upgrades before listing.
Key focus areas include curb appeal, kitchen, and bathroom fixtures, but aspects such as HVAC systems, roofing, siding, and windows should not be neglected. These elements not only enhance the aesthetics of your home but also significantly impact its energy efficiency – a factor of growing importance for many buyers.
Enlisting local expertise for these tasks is easily accessible in today’s digital age. For instance, if your windows require replacement or upgrading, a simple search such as Syracuse window company near me will connect you with experienced professionals in your area. While not overly costly, such an upgrade could notably boost your home’s appeal and market value. The more appealing your home is to the widest range of buyers, the more offers you’ll receive.
- Home Inspections Are Critical
In today’s competitive market, buyers will likely insist on a thorough home inspection before making an offer. This is their chance to identify any major issues or needed repairs. As a seller, have a professional home inspection done beforehand so you can make any necessary repairs proactively. This will increase the chances a buyer’s inspection turns up with no surprises, avoiding costly negotiations or deal-breaking issues later on. Consider pre-inspections for the roof, foundation, HVAC system, plumbing, and electrical wiring.
- Homes Sell Quickly
In June 2023, the average home spent just 20 days on the market before going under contract. This quick turnaround time benefits sellers, allowing them to move on to their next step sooner.
However, it also means you’ll need to have your home in move-in-ready condition and priced correctly from the start. Be prepared to accommodate showings and respond to offers immediately.
- Home Prices Are Rising
Home prices in Syracuse have been on the rise over the last year. In June 2023, the median sold price was $176,000 – up 6.4% from the previous year. Rising home values give current owners equity and sellers negotiating power.
The rising prices also mean higher costs for buyers, potentially limiting your pool of buyers. Price your home competitively and be prepared to negotiate if needed.
- Bidding Wars Are Common
With lesser homes for sale and so many buyers, bidding wars have become common in the Syracuse market. According to the data by Realtor and Rocket Home, in June 2023, Syracuse sold over 62.9% of homes for 1.79% above their asking price.
While this trend benefits sellers, it also means you’ll need to be strategic with your listing price. Set it slightly below where you think the final sale price will be to attract early interest and fuel a bidding war. Have a walkaway price in mind to avoid overpricing your home.
- Hire an Experienced Local Agent
In such a hot and fast-paced market, it’s crucial to have an experienced local real estate agent on your side. An agent who understands the nuances of the Syracuse market can help you determine the optimal listing price, marketing strategy, and negotiation tactics. They can also handle the many showings your home will likely receive, and field offers quickly and effectively. Do your research and interview several agents before choosing the right fit.
- Market Your Property Strategically
In addition to an experienced agent, you’ll also need a strategic marketing plan to get the most attention for your listing. That means high-quality photos, an appealing description, promotional flyers, and open houses. Your agent can help coordinate all of these things.
Consider listing your home on sites beyond the multiple listing service (MLS) for additional exposure. Social media promotion and digital and print advertising can also help. The more eyeballs on your listing, the better.
- Be Flexible and Prepare to Negotiate
Even with a competitive list price, be prepared to negotiate with potential buyers in today’s market. Have a bottom-line price you’re willing to accept and remain flexible on smaller concessions. Things like leaving appliances, fixing minor issues, or offering a home warranty can sweeten the deal for buyers. The faster you can come to an agreement, the sooner you’ll be able to close on the sale and move on to the next chapter.
- Expect a Quick Closing
With the speed of the market today, buyers will likely want a quick closing – often within 30 days. Ensure your agent and lender are prepared to move quickly through the process so you can close on time.
The faster you can close, the less time your home will sit vacant.
- Consider Selling Sooner Rather Than Later
All signs point to the Syracuse real estate market remains a seller’s market for the foreseeable future. If you’ve been considering selling, now may be the optimal time while inventory is low, prices are rising, and buyer demand is high. Of course, selling your home is a big decision – so weigh your options carefully. But if you do decide to list, the sooner you can take advantage of current market conditions, the more likely you are to maximize the sale price of your home.
Researching, preparing your home, and hiring the right team is key to a successful sale in today’s hot Syracuse real estate market. Following these ten tips will help ensure your experience goes as smoothly as possible. The market remains in the sellers’ favor for now, so take advantage of that opportunity if the timing is right for you.