These five tips will help you sell successfully in a shifting market.
We’ve just come through a phase where a lot of home sellers were getting multiple offers, and they were getting higher than the list price on their homes. This is beginning to change now because the market is shifting. We are experiencing buyers with higher interest rates coming into the market. When the market shifts for the buyer, it also shifts for the sellers. If you want to be a successful seller in this market, here are some tips on how to do that:
1. Make sure the property is show ready. It’s going to be very important for you to have your property in good condition. I’m seeing so many homes coming back on the market, and that’s because either the buyer has lost their financing due to shifting interest rates or the home’s condition is bringing the home back on the market. You don’t want to be that seller that is missing the market because of those two items.
2. Get your documents in order. If you are accepting a purchase offer, make sure that the letter and pre-approval letter from your buyer is current. The shifting interest rate could make them fail in closing on your home.
3. Consider a pre-inspection. This is the second reason why your home may come back to the market. If you have your home pre-inspected, you could have a lot of those items taken out of the way.
4. Consider adding in some concessions. If you have a buyer that can’t perform, you can also help that buyer by paying some concessions or giving back some money in a concession rather than in the purchase price.
5. Do your comparative market analysis. In the last week, we’ve had 35 price reductions in our market. This is because sellers price their homes on the market a little too high, and as they are waiting for their buyers to come, they have no other choice but to start lowering their prices. So make sure to enlist the help of your agent when doing a comparative market analysis. Let’s make sure that the price you’re bringing your home on is the right price for today’s market.
If you do all those things, you can be that home seller that is successfully closing in today’s market. If you have any other questions for me, call or email me. I’d love to be your real estate consultant.