6 Ways Home Sellers Should Change Strategies for the Current Market

This fall, we're seeing both the pavement and real estate sales begin to cool and new opportunities bloom.
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It’s no secret that over the last few years the real estate market has been as hot as asphalt in August. But this fall, we’re seeing both the pavement and real estate sales begin to cool.

Don’t worry—we’re not expecting a housing crash like in 2008. Here’s why.

A renewed balance to our markets could mean new opportunities blooming for home buyers. But as a seller, we understand why you might be concerned. More houses on the market means more competition. And more time on the market before you find a buyer can mean money left on the table. 

But don’t worry. We’re here to help you navigate the ins and outs of real estate right now. Here are six ways home sellers should change their strategy for the current market.

Start with Best Practices

Over the past few years, it was easy to be lazy about your listing and still pull in competitive offers on Day 1. Now, sellers need to revisit best practices for listing their home. First and foremost, this means pricing your home correctly for the market. Overprice your home by even 10%, and up to 70% of buyers will eliminate it immediately. It also means investing in professional photography and knowing which photos buyers want to see. Once the home is live on the MLS, you’ll want to make sure it’s ready to show whenever a buyer is ready to see it. After all, your home has just one chance to make a great impression with each potential buyer. And a little effort can make a big difference.

To that end, here are our top fall staging tips and fall curb appeal tips.

Create a 180-Day Marketing Plan

It’s still very possible for a well-prepared and properly priced home to get a great offer within its first week on the market. But as more homes enter the market, the region’s active days on market are sure to increase. Be prepared by creating a marketing plan that carries your listing through its first six months on the market. This should include online promotion—such as on social media—email blasts, open houses, and possibly even a change of photos for the spring. Hopefully, your listing will sell quickly. But as they say, “It’s better to be prepared for an opportunity and not have one, than to have an opportunity and not be prepared.”

Make Improvements

It may still be a seller’s market in most price brackets, but that doesn’t guarantee you any buyers. If you want to attract buyers, you have to have the most attractive home available. This may mean making needed repairs or desirable upgrades. Or it could mean taking your curb appeal efforts to the next level. Sometimes, even small improvements could make a big difference. As the sun begins to set sooner, consider adding outdoor lighting to make your home look more attractive into the evening. A quick mailbox refresh can also make your home look more welcoming to potential buyers.

Sweeten the Deal

If your home has been on the market for a few months without much more than a nibble, then it’s time to change your bait. Think about what concessions you could make that would sweeten the pot for a buyer. Perhaps you could include some furnishings or extra fixtures in your sale, like the dining room chandelier. You could offer to cover some closing costs for the buyer, or purchase a home warranty for them. Your flexibility could make a huge difference. If buyers think they’re getting the best deal with your listing, they’re more likely to make a good offer. 

Reduce the Price

No seller wants to think about a price reduction. But which would you prefer: Earning 95% of what you wanted for a home that’s now under contract, or earning 0% on a home that won’t sell? When handled judiciously, such as when paired with updated property photos and an updated property description mentioning recent home improvements, a price reduction could be the magic key.

Consider Buying First

Was your goal to sell your current home for the best price and move up to a larger home? You can still do that in today’s market, but you may need to switch the order of events. If you’ve put your best foot forward on all the steps above, and you have a moving deadline, you should go forward with your move. It’s a hard choice to decide whether to sell your current home or buy a new one first. But don’t forget that you have to consider the market as a buyer, too. If you’ve found your perfect next home, you should do what you can to secure it. Perhaps a few short-term financial pains will be worth the effort once your current home sells.

Ready to Sell Your Home?

Don’t let the list above intimidate you. The truth is, when you’re working with an agent who’s by your side from contract to closing, it’s much easier to navigate anything the real estate market throws your way. At Allen Tate/Beverly-Hanks, our proactive management and attention to detail will help make sure your transaction is efficient and seamless. 

Learn more about selling your home with Allen Tate/Beverly-Hanks.

All real estate is local. In order to make confident real estate decisions, it’s important to have timely and neighborhood-specific information. Contact us today to speak with an Allen Tate/Beverly-Hanks real estate agent about selling homes and land in Western North Carolina.

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