Why sellers can’t expect instantaneous success in this market anymore.
When it comes time to sell your property, don’t expect instantaneous results. As the market shifts, inventory grows, rates rise, and demand falls, sellers must alter their strategies to sell their properties. These last few years, the market was appreciating aggressively. Sellers could name their price, and buyers were paying whatever it took to win.
Steven Thomas writes in a recent housing report, “Homes that are overpriced, in poor condition, or in an inferior location, are going to be harder to sell, and will accumulate on the market. Sellers should no longer expect instantaneous success, which will become less likely as the year progresses and market items continue to rise.”
The bottom line is that interest rates are going up, and affordability is falling. Inventory is climbing, so buyers have more choices. Demand is also dropping. There’s a narrative out there stating that the market will crash. No one has a crystal ball—nobody knows what will happen in the next 12 to 24 months. Many economists are predicting around 3% to 4% appreciation, while some people I trust expect a correction in two years. However, it’s all speculation.
What we do know is that even though inventory is up over 150% from January, it’s still down 50% since 2019. We’re still in a strong seller’s market. The supply is so low that even though demand has fallen, there is still plenty for the right properties.
We were even in a multiple-offer situation, recently. Our buyer was one of five who put an offer on the property, but how can that be the case when everyone is saying that the market is falling? With inventory still low, the best homes are still selling for amazing prices.
“There’s still plenty of demand for the right homes.”
What does it mean to be one of the best homes? It means the home shows well, so you and your agent spent time transforming the property into a metaphorical model home. Maybe you went through the Robert Mack Group’s five-point audit and addressed all the areas that we know create an emotional connection with buyers. This is the most important step.
The second step to having one of the best homes is pricing it to attract the highest number of buyers. That doesn’t mean you should price it at what you want it to sell for; our strategy is to price your home attractively so that enough buyers see the property, and we can create a multiple-offer scenario.
If you’re a seller, you need to focus on having a great agent, showing your home like a model, and pricing it to attract the most qualified buyers. That’ll help you sell your home for the most in a shifting market.
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