Let's take a quick minute to break down a few things that we are seeing regularly this Fall.
When pricing your home, take a good hard look at your neighborhood comps, including the competing active listings and those that have closed within the last 5 months. Homes that have sold previous to then, that was a different and unprecedented market. Those homes are still worth viewing to understand long-term market trends, but direct comps from the last few months are really what you should consider when determining a list price.
Are you on the market and not getting showings? You aren't alone and there are ways to strategize around this. Price adjustments are the standard procedure if your home is listed for roughly 3 weeks and hasn't been getting the activity you expected. This was a very normal practice in pre-Covid market strategy. Price adjustments are NOT a loss; they are a TOOL to help you access a new buyer pool and remind previous buyers that you are still on the market and worth a second look. Remember to ask your agent what they are doing differently with each price adjustment to help maximize the added market exposure. We are very strategic with each price adjustment to make sure we are doing a full marketing restructure of how your home is being viewed by your potential buyers.
Not a fan of a price drop? We are also seeing sellers offer bonuses or credits. This is either to the buyer's agent or to the buyer directly. Those offered to the buyer are also being structured to be used toward buying down an interest rate or going to home customizations. Sweetening the pot by giving the buyer extra funds can help them feel far more comfortable with entering the contract process and purchasing your home.
Overall, these strategies aren't anything new for agents who sold homes previous to the 2020-2021 market changes. Take a deep breath and chat with a seasoned Realtor who understands how to navigate this type of market. You want to trust your advisor to help you navigate these new strategies and this new market going into 2023.
