My advice to sellers: take your time and listen to the market. It’s most likely going to take more time and some negotiating to get your property sold. Pricing your home correctly is a moving target in a changing market. Comparable properties are tough to pick because the market conditions have changed significantly. Base your price on recent sales and adjust as needed.
It’s important to have professional photos, 3D tours, and high quality marketing materials so your listing looks better than your neighbor’s. We’re back to competing against homes in your area now that there are more homes on the market.
Scarcity has helped prices increase. With more supply and less demand, prices are going down. That’s the market at work. Using price reductions in your sales strategy is key. You’re reacting to the market and it’s important to get ahead of it. If the market is lowering the average price of a home in your area faster than you’re lowering your price…. You could chase it down and leave significant money on the table. That said- do it systematically. It’s taking more time to sell a home now so don’t rush to the bottom. I use a rule of thumb of lowering prices every two weeks and give it time to reach buyers in your price range.
The market talks loudly if you listen. If you’re not getting showings, it’s your photos, marketing or your price. If your photos and marketing are getting clicks and saves, it’s your price. If you’re getting showings but no offers, its the condition of your home and/or your price. If you’re consistently getting offers that are less than your asking price, that consistency is telling you what the market thinks your home is worth.
Once under contract, be prepared to negotiate repairs. I know, I miss the Cash/As Is days too. But that market was rough on buyers and you wouldn’t want your kids trapped in an As Is contract. I encourage my sellers to address issues that could be hazardous and consider the costs of re-listing the property if negotiations break down. That said, I represent my seller’s best interest and re-listing it is ALWAYS an option if we’re dealing with an unreasonable buyer.
I love helping people. It’s especially rewarding to guide folks through a challenging process. If you have questions about selling your home and would like to talk through a game plan, I’d be honored to help.