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. Just when you think you know how the housing market is behaving, it changes!
This year, the housing market has been red hot, reaching record levels but is that where it still is?
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 making a move.
The Market is Easing
In our area, we are seeing a slight easing of the market.
The number of homes going under contract is slightly lower, the days a home stays on the market before going under contract has increased just a tad and the number of bidding wars or offers on one home has decreased compared to earlier this year.
None of this is cause for alarm, but if you have been thinking of selling, it’s a slightly different market than it has been over the last year.
The crazy high house prices and competition for homes from earlier in the year simply could not last forever (we wouldn’t want it to!) and it looks like the time for change is now.
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. Makes sense with the weather and holidays approaching. Who wants to sell their home if they don’t have to this time of year?
But rest assured I’ll keep you updated!
All said, though, homes are still selling, just not with the same expectations or using the same strategies as earlier this year.
You’ve just got to approach selling your home differently now vs. earlier this year.
Strategies for Selling in a Easing Market
1. 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. When the market cools as it’s doing now, homes don’t “fly off the shelves” with as many offers as they did in the hotter market at the beginning of the year.
And, now more than over the last year, it’s crucially important that your home look its best before putting it on the market to entice buyers into making their best offer possible as quickly as possible.
Yes, it takes a little more time and effort (mainly on my part) to get a home on the market, but it’s SO worth it when it comes time for offers.
2. Get Your Home Looking Its Best
There are slightly more homes on the market, and slightly less competition right now. Some homes that would have sold quickly earlier this year are taking a few extra days. Again, the market is not drastically changing but we want to always be one step ahead of it when we sell.
Many buyers felt like they’ve been through the wringer this year and have even taken a break from looking at homes until they see one they can’t pass up. That means if you want to sell your home quickly, you need to make it stand out and be as appealing as possible.
Sprucing up your home for sale 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, so if you are curious, reach out to me and I can do a walk-through to tell you what you can 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 this delicate balance of not pricing too high that it scares buyers away and you end up having to reduce the price and “chase the market down.”
But you also don’t want to price too low, because in a cooling market, pricing too low can really backfire and you end up not getting what your home is worth because there is not the demand there to drive up the price.
Pricing in an easing or a cooling seller’s market is an art and science. Or maybe more like Goldilocks and the three bears—it has to be just right.
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 they are burnt out from earlier this year or traveling 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 slower time of the year, like right now.
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 during a cooler seller’s market 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 upon us now.
But the silver lining in all of this is—people are still buying homes 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!