6 Tips for Sellers in Today's Market
I feel like it was just yesterday that we were talking about how the market was favoring Sellers. Now here we are in late October 2022, the market is shifting in favor of the buyer. So what do sellers need to do to sell their home. The following are 6 Tips for Sellers in Today's Market:
Sellers need to price their home right- In a seller's market, you could get away with pricing a home higher and still receive multiple offers above and beyond the asking price. In a buyer's market, you better not price your home to high. If you do, you will likely stay on the market for a long period of time.
Prep your home to sell- buyers overlooked small flaws and cosmetic imperfections in a seller's market. In a buyer's market, they are asking for home inspections, well & septic inspections, radon and wood destroying insect. A good idea for seller's is to have your home pre-inspected by a home inspector so you know the issues or have corrected the issues before your home goes on the market.
Offer Subsidies or Buyer incentives- Seller's are needing to make the purchase a little sweeter by offering subsidies to pay for buyer's closing costs or to pay down points for their loan to have lower interest rates. Seller's could also pay for a home warranty.
Be prepared to Negotiate- In a buyer's market, the buyer has the upper hand. Seller's need to be prepared to negotiate on the price, closing costs, repairs and anything that is brought to the table.
Seller's need to have flexibility- Seller's can not be picky as to when they close. In a buyer's market, seller's need to be more flexible with dates of closing and moving. Post occupancy agreements for sellers could be a thing of the past.
Seller's need to work with experienced real estate agents- For Sale by Owners and days on market are changing. Working with an experienced agent who knows how to market your home in today's market is a must!
Seller's following the 6 Tips to sell your home in today's market will have a better chance of success than those that price high and expect to have multiple offers. Times are changing and Seller's need to adjust to the market. Selling is viable, just a little more work than in the past.
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