Selling in a shifting market is a bit more difficult, but it can be easier if you use the right strategy. Here are five that I recommend.
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During the past five to seven years, homes have been selling quickly and for top dollar, often despite their condition and location. Demand was through the roof.
This trend is showing signs of reversal, however. The inventory of homes for sale is actually up 8% from where it was last year. Though our months’ supply of inventory remains low, it is going up every single month.
We’re currently facing a quite normal adjustment in our market, but despite its cyclical nature, the question becomes, “How do I sell a home in a shifting market?” There are five great ways to accomplish this goal:
1. Price it right from day one. Overpricing a home in today’s market greatly diminishes its odds of selling. Buyers determine value as we do for any other product. They want the best value for their dollar. With that being the case, we need to make sure your home is properly priced to compete with similar homes with the same benefits and features. Look at your home through a buyer’s lens and determine whether you would see it as a good value.
When buyers have more choices, your home’s condition needs to be perfect.
2. Make sure it’s in near-perfect condition. As inventory rises, buyers have more choices. Until your home is good enough to compete with the best homes on the market, don’t bring it to the market yet. Properties that are priced right and in great condition always sell first no matter the market conditions.
3. Make adjustments. If your property hasn’t sold in the first few weeks of listing it, it might be the right time to reposition it in the marketplace. The longer you’re on the market, the less interested that buyers will be in the home.
4. Consider a reverse offer. If we find a qualified buyer who is interested in your home, consider writing them an offer so we can get the ball rolling.
5. Consider writing a letter. This sounds a little strange because we usually do it in reverse, but the psychology behind this is that when a buyer comes through the home and sees a letter telling them all about the home, the neighborhood, and all the great memories they’ve had there, the buyer will read the letter, tour the home through the eyes of the seller, and may start to become emotionally attached to your property.
If you have any questions for me in the meantime, don’t hesitate to give me a call or send me an email. I look forward to hearing from you soon.