Top 3 Tips for Selling Your Home in a Shifting Market

Top 3 Tips for Selling Your Home in a Shifting Market:

You’ve probably heard every agent you know preaching it by now - “The market is shifting!”

They’re right, it is - but what we haven't heard enough of is what that means! To put it simply, it means the scale is tipping. We are beginning to head away from the current seller’s market.

This means we have to be strategic. As a seller, having a clear understanding of your current position in the market and having the support of an expert will be crucial for getting top dollar. 

1. Price AHEAD of the Market

As soon as the consumer hears “the market is shifting, adjusting or crashing”, they appear to let good deals pass them by or die in hopes of finding a “better deal”. They worry about paying too much and they offer too little. Sellers who don’t act fast enough will have a listing that is overpriced and will not be taken seriously. Appropriately priced properties will get the most attention, the most showings, the most offers, and the BEST price.

2. Stand Out From the Competition

Price and condition are irrevocably intertwined. Priced right also means priced for the condition. The beauty of the home is in the eye of the buyer. Curb appeal is extremely important and may determine whether or not a buyer even schedules an appointment. The most important areas inside to keep looking (and smelling) fresh are the entryway, kitchen, main bedroom and bath, and any living areas. 

3. Bulletproof Your Transaction

Here are the top reasons deals fall apart and the best solution for each:

1. Inspections and Repairs: It often benefits the seller (especially if they have neglected any maintenance) to get a pre-listing inspection. This will allow them to get any repairs done before listing their home, OR adjust the price accordingly.

2. Appraisals: Often, bank appraisals don't support the price. Therefore, the buyer’s mortgage cannot be approved. Pricing appropriately and having adequate comparable sales will help. Appraisal addendums from buyers can also alleviate this issue.

3. Loan Approval: Make sure the buyer has a current AND sufficient pre-approval. With fluctuating loan rates, a pre-approval of no more than a week old (yes - a week old) is crucial.

4. Other Contingencies: Sometimes, sales are contingent on a buyer selling their current home or closing on their new home within a certain time frame. If you find yourself in a scenario where the buyer must sell their home first, be sure to pay attention to what the buyer is trying to sell. Is it listed yet? If so, how long has it been on the market? What’s the price and condition? 

5. Missed Deadlines: A purchase offer is a time sensitive legal contract. There are deadlines for inspections, mortgage application and approval, etc. It is important that you or your agent stay on top of these dates and ensure that they will be met. Making a call on the due date, or the day after, is NOT sufficient.

While these tips may be our top 3, there are so many other factors that need to be considered when selling in a shifting market. Whether you are ready to sell now, just thinking about it, or even thinking about trying to do it on your own, give us a call. We’d love to hear what your goals are and answer any questions you have about the market or the selling process!

Office: 315-474-1899

Email: RMTeam@YourCNYHome.com