But when supplies build to
seven months or more, the advantage moves to the buyer.
If you're a seller in a
market that was hot but now not, you may be wondering what went wrong. Should
you pull your home out of the race? Not if you want to sell.
Markets are constantly in
motion even when they appear to be resting. The retreat in sales volume or
sales prices may be short or it can last for a long time.
Most factors that impact
housing are out of your control. You can't influence mortgage interest rates or
create jobs that bring down the unemployment rate. But there are things you can
do to help your home sell in a softer market.
Don't panic
Ask your real estate agent
to give you a market analysis that will help you understand three-month to
six-month trends. You'll be better prepared if you know that it may take longer
to find a buyer.
Compete on condition
The closer to move-in
ready you can make your home, the better. Put your home in clean, white-glove
condition and stage it attractively to show off its best features.
Plan for demanding
buyers
Buyers may ask you to pay
closing costs, or to provide a home warranty, or make other concessions. Your
real estate agent should be able to tell you which incentives may work with
your listing. So be prepared to leave the washer/dryer, stainless fridge or
your favorite chandelier.
Price reasonably
If you want a quick sale,
price below current comparables. If you can afford to wait longer to sell,
price at current comparables. Whatever you do, don't price above the market.
Expect low-ball offers
No matter what price you
put on your home, you are bound to get ridiculously low offers. That's the
culture we live in. Encourage your agent to answer politely and to provide a
copy of the comparables so the buyer can see you've priced to be competitive in
the current market.
One thing you can count
upon is that a softer market will get firmer. All it takes is home buyers
willing to invest. By giving them a great home at a great price, you'll make it
easy for buyers to say yes.
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