Selling Your Home in a Changing Housing Market
What do they say? The only thing that stays the same is that nothing stays the same.
The housing market is no exception.
Here’s what you need to know about the current state of the housing market in our area, especially if you or anyone you know has been thinking of selling a home.
The Market is Easing
In our area, we are seeing a slight easing of the market.
The number of homes going under contract is lower, the days a home stays on the market before going under contract has increased and the number of bidding wars or offers on one home has decreased compared to even a few months ago.
Makes sense as interest rates continue to rise.
But, there are buyers still out there and they are the ones that are serious about moving, so if you or anyone you know has been thinking of selling, it’s still a good time to do so.
If you want the most money for your home, though, selling in this environment has to be done very strategically. Keep reading to learn more about how to do that.
Will This Easing of the Market Turn into a Full-on Cool Down?
It’s hard to say at the moment.
Partly because this time of year always sees a slight cooling—no matter what else is going on with the market or economy. Makes sense with the weather and holidays approaching—who wants to move during the holidays if they don’t have to?
All said, though, homes are still selling, just not with the same expectations or using the same strategies as even as recently as a few months ago. For a home to sell for the most money possible, it has to look its best, be priced right, and the listing should be timed correctly.
Strategies for Selling In This Market
1. Time it Right, Plan Ahead
Planning for all of life’s changes is no easy feat. But when it comes to making a big move like selling your home, you want to plan ahead.
The month, the week, and even the day a home is put on the market does affect what you get for your home. You want to “go with the flow of the market” and sell when buyers most want to buy. There is an art and science to timing this perfectly and getting the most eyes on your home so you get the best price.
For example, there are fewer buyers looking for homes as the holidays hit. So, if you have the freedom to pick when you sell your home, avoiding that time period could help you get more for your home.
There are lots of timing “tricks” like this that can make or break a home sale, so if you need to move, it’s best to plan ahead and time it right. I tell my clients to be in touch with me, ideally, 3-6 months before they want to move so that we can get what needs to be done for it to sell for the best price possible, including timing the listing going live down to the day.
2. Get Your Home Looking Its Best
Some homes that would have sold quickly even earlier this year can take a few extra days to sell and/or are seeing fewer offers. Again, the market is not drastically changing right now, mainly because we still don’t have enough inventory, but we want to always try to sell for as much as possible no matter what the market is doing.
If you want to sell your home quickly and for the most money possible, not only do you need to time things correctly, but your home also needs to look as good as possible.
Sprucing up your home to sell doesn’t have to be a major financial or time investment, however.
I recommend only making the upgrades that will lead to a higher price or quicker sale. What those items are specifically depends on your home, your home's price point, and even the location, so if you are curious, reach out to me. We can do a walk-through and I can tell you what to skip and what definitely needs to be done to have buyers feeling like your home is “the one” they can’t pass up.
3. Price Your Home Strategically
How we price homes during a slightly cooler market is very different than when we price homes during a super-hot market.
You must strike a delicate balance of not pricing too high which would scare buyers away and lead to a price reduction, but you also don’t want to price too low which can backfire and you end up not getting what your home is worth.
Finding that perfect price is strategic and sometimes comes down to even pricing it differently by a thousand dollars. I’m happy to share how to strike the right asking price so you get as much for your home as possible without underselling yourself or scaring buyers away.
4. Test the Market, Off-Market
This is my favorite strategy during this time of year and can often lead to really favorable terms for my seller clients!
I have access to a lot of off-market opportunities where the top agents in the area post about what their buyers are looking for. With a lot of buyers taking a break because of the interest rates or getting ready to travel for the holidays, their agents still have their eyes and ears peeled for their clients.
I can post about your home as a private listing and/or if your home fits the description of what a buyer’s agent posts about what they are looking for, I can get in touch with that agent and arrange a showing. Oftentimes, this leads to an off-market, or sometimes “private” sale during a naturally slower time of the year, like during the holiday or end of the year.
The best part is if nothing happens, we haven’t wasted any time on the market or made your listing look “stale” and we could list your home in the Spring when the market tends to heat up and buyers get back out there. Either way, it’s a win for you!
The Silver Lining
Selling a home right now can be confusing and frustrating. What you think “should” happen doesn’t always happen. What happened with the house down the street only a few short months ago may not be what happens to your home right now, especially with the holiday season.
But the silver lining in all of this is—people are still buying homes, even with interest rates what they are, and when you sell, it might be slightly easier to find your new home too.
I know how to navigate this type of market and I’d love to help you or anyone you know to get the very most for their home, no matter what the market is doing.
If you’d like some guidance, I’d love to help. Email me to schedule a time to connect.