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Today I want to bring you a few key tips for selling your home in a shifting market.
First, what is a shifting market? Simply put, this means any market that is different from the one we were previously experiencing.
A clue as to what kind of market we’ll head into next is how long homes are sitting on the market. Right now, we’ve been seeing listings spend more time on the market before selling.
This indicates that we’re coming out of a seller’s market and are beginning to shift into a more balanced one. In fact, we may even be headed toward a buyer’s market. This is something we haven’t seen happen in years.
As these changes occur, sellers will need to utilize a different strategy moving forward.
1. Pick an agent who has mastered pricing property. The ideal agent should preview property constantly and has worked in all kinds of market conditions. Here at Kelly & Co., we’ve seen every kind of market imaginable through our combined 40 years of experience. It’s also important to work with an agent who is truly honest and who will base your pricing strategy on experience and expertise. These factors are more important now than they have been in the past five years.
2. Know what market you’re in and strategize accordingly. Whether you’re in a balanced, buyer’s, or seller’s market, you should base your plan for moving forward on current conditions.
3. Choose a pricing strategy based on the market that you’re in. In a seller’s market, you’ll be able to go slightly higher than recent sales. But utilizing this strategy when the market is balanced or favors buyers is a big mistake. In a balanced market, you should list your home at market price. In a balanced market you will have a degree of competition from active listings. Finally, when you’re in a buyer’s market, you should price ahead of where the market is going. Your goal should always be able to get the maximum price for whatever market you’re in. Your home will always be at its highest value the first day it hits the market.
4. Get your home in the best possible condition. Of course, one of the best ways to achieve this is staging. Our team covers the price of staging for our clients because we believe in it so much. A staged listing will generally sell in half the time and for 6.3% more on average. On top of staging, also pay special attention to removing clutter in your home. Have a professional do a walkthrough to give you their opinion. A pre-inspection is a great idea in this kind of market since deals most often fall apart after the inspection
If you have any other questions, would like more information, or want to know if your area is in a shifting market, feel free to give me a call or send me an email. I look forward to hearing from you soon.