With mortgage rates rising, there are fewer buyers in the market. Inventory is also on the rise, so seller’s have more competition. Smart sellers understand the changing market and are proactive in their listing plan. Here are 7 tips that can give sellers an edge.
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Price You Home Correctly. As sellers, you want to get the highest price you can for your home. However, starting out with too high of an asking price will just deter buyers from even looking at your home. Homes need to be priced based upon the CURRENT market and reassessed on a regular basis. Your listing agent should provide you with a CMA to help determine an appropriate asking price.
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Consider Buyer Price Ranges. Buyers set their search parameters within a price range, usually in $25,000 price increments. Because of this, consider setting your price near one of these natural price points. For instance a price $329,900 would probably net you the same number of buyer inquiries as a price of $327,900, but moving the price down to $324,900 could widen your potential buyer pool.
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Offer a Buyer’s Agent Bonus. The agent who brings a buyer to your home is typically referred to as the selling agent or the buyer’s agent. In a market crowded with inventory many sellers find it wise to provide an incentive to motivate agents to show their home more frequently. The more people that see your home, the more likely you are to find a buyer.
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Hire an Experienced Local Listing Agent. Not all listing agents are created equal. To find a local, full time agent, talk to friends, neighbors, and colleagues about who they recommend. Make sure that the agent you choose has a marketing plan to get your home seen by as many people as possible.
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Offer Incentives or Pre-Paid Services. A buyer who has narrowed their search down to two or three top choices may need a little push to motivate them to take action. To encourage buyers, sellers can offer incentives like paying for closing costs, inspections, or repairs, or providing allowances or credits for home upgrades after closing. In addition, sellers can pre-pay for services like internet or even golf club memberships for the first year.
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Stage Your Home & Boost Curb Appeal. Buyers won’t make an offer unless they become emotionally invested in your home. To help build a stronger first impression start from the outside first by working hard to improve your home’s curb appeal. Inside, CLEAN, DECLUTTER and DEPERSONALIZE. You want buyers to be able to picture themselves living in the home.
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Take Action Quickly. If something isn’t working, successful sellers make adjustments to their strategy quickly. For instance, if buyers don’t begin to view your home on a regular basis, this is an indication that the market is rejecting your price. There is only one solution: lower your price. On the other hand, if you have steady stream of buyers touring your listing, but you aren’t receiving any offers, buyers are rejecting the home itself. Something about the home is turning them off. Savvy sellers attempt to identify the problem and fix it.