Real estate markets across North America have seen unprecedented sales in recent years, with some homes selling in mere hours. But for the vast majority of cities across North America real estate has cooled, and sellers are encountering more ‘traditional’ markets. For those owners looking to sell in the coming weeks or months, avoid the mistakes below when selling in a slower market.
Minimal House Prep
In recent years, it might have been easier for owners to sell with minimal house prep, but in a slower market, it can really make or break a sale, especially if inventory is high in your area. Prepping your home is a must - clear out the clutter, deep clean, and don’t be afraid of general maintenance or minor repairs/upgrades to get your home to the top of the “Most Desirable” list.Poor Photography
Today, most home buyers begin their property search online, meaning high quality photos are a must. Poor photography, especially images that are dark or not high resolution, will impact whether a buyer clicks on your home or not. Also, don’t limit yourself to just photography - many real estate companies and/or agents can provide a video or virtual tour of your home. Not only will your home be found online by potential buyers, clear and high quality images will come in handy for digital marketing efforts.
Homes in recent years have sold for unprecedented markup, especially in highly sought-after markets. When the real estate market cools, those prices inevitably come down. If you’re selling in a slower market, don’t expect your property to sell for thousands over asking price. Pricing your home for the current market is a must, and an experienced agent will be able to help you price your home comparable to nearby home sales.Skipping Marketing
In a buyer’s market, marketing is a game changer for any seller. It’s likely your agent will have a marketing plan, but as the seller, you also have the ability to help with marketing efforts. Post your listing to your social media accounts; get the word out to friends and family; and ensure you provide all possible information to your agent on how great your property is. Yes, your agent’s main focus is getting your home sold, but you also have the ability to help those efforts.
Negotiations are the name of the game when it comes to real estate, and if you’re trying to sell in a slow market, failing to negotiate can kill your sale. Sellers that aren’t willing to fluctuate on price, don’t listen to buyer concerns regarding inspection items, or just have no interest on budging on anything can be their own worst nightmare. Your agent is a great asset when it comes to negotiation - they will know the local market and what it will take to get your home sold.
The real estate market changes all the time - one moment it can be hot hot hot, and the next moment it can significantly slow down. If you’re looking to sell, prepare yourself for the possibility of a slower market and get your home in tip top shape. No matter what the market is like, it's important to remember: real estate is still as popular as ever.