Holy Shift! Successfully Selling During a Market Shift
NC Real Estate Update: The Triangle and Triad housing markets have seen a MASSIVE Shift! What can you do to ensure your home sells fast?
In a market with rapidly rising home inventory, buyers have options. Sellers have to adapt and prepare themselves that they'll be competing for attention. The first 30 days your home is on the market is when you have the most leverage as a seller. Your listing is fresh and you have buyers’ attention. What can you do to make the most of that time?
Without a doubt, the most important conversation you'll have with your agent is where to price your home. In a shifting market, accurate pricing is critical. In the hyper-sellers market of 2021 and early 2022, price was almost irrelevant. If a property was even remotely worth the list price it sold FAST! Those days are fleeting, at least for now... Successfully standing out from the crowd starts with accurate and realistic pricing. If your home is overpriced to “see what kind of offer you can get” you will lose traffic and attention. Now isn't the time to be unrealistic. Don't let the "Zestimate" cloud your vision. Ask your agent to provide you with the latest comps (Less than 90 days old). Price your home in line with the most recent sales. We all want to make as much as possible from our sale, but overpricing is the kiss of death. Once you inevitably have to make a price reduction, buyers see an opportunity to test the waters with an even lower offer... Queue the vultures.
Condition: How does your home compare?
When there was little to no home inventory, buyers were willing to overlook quite a bit. With inventory steadily rising and the market shifting, chances are there's someone else in your neighborhood, or even on your street, who's selling as well. The first thing a buyer will do is compare your home to others nearby, so you should be doing the same. Before listing, check out similarly priced homes nearby. You can even visit them with your agent.
Agents will often describe recent improvements in the listing. NEW Carpet! Fresh Paint! New Roof! New (Insert Improvement Here).
You'll look for the same taglines when you buy. The majority of buyers don't want to do a ton of work to make a home move-in-ready. There's no need to break the bank. Spending a few hours on a Sunday painting a room that needs a fresh look is HUGE!
Be Patient: It's okay if your home doesn't sell on day one.
Inventory levels have doubled in the past six months. Buyers can afford to be picky. If you're priced accurately and your home is in good condition, you're ahead of the game. It might take a few weeks, but if your agent is proactively marketing your home and you're getting showings, you will get offers.
Be Flexible: We can't control the market, but we can control how we react to it.
Many sellers are frustrated that they missed the boat on the "hot" market. In reality, you're still benefiting from the insane 2021 market. Chances are you have quite a bit of equity. Just because you aren't getting 25 offers on day one doesn't mean you aren't cashing in at the right time. Understand that you may have make a few concessions or be flexible with terms. Roll with the punches and you'll be at the closing table before you know it!