I know the feeling: you’ve listed your home and are expecting it to sell quickly…and then it doesn’t. It sits. And sits. And sits. My philosophy for all clients and all transactions is that the market will be what it will be, and it is my job to react and adjust my plans and tools accordingly. Today I am sharing my top go-to tips for making sure my clients never experience that feeling.
Reevaluate your competition
For an appraiser, a property is consider a comparable or “comp" when it was sold in the prior six months. Therefore, your property’s comps will change often. I review my listings comps every few weeks. I am looking at the price at which similar properties sold, so that we are always aware of where we stand.
Pricing against comps is not a perfect science since no two properties are exactly the same. When evaluating I take into account age, location, finishes, square footage, and a number of other details that go into a home’s value.
Look critically at your photos
I work with only the best professional photographers for one simple reason: beautiful, compelling photography is critical! My clients know how much goes into prepping for photo day. We declutter and stage if necessary, ensure we have all the best lighting (adding or removing lamps, increasing wattage, etc.), and paint as necessary. We’re going for a delicate balance of keeping the look neutral, but also giving buyers a vision for what is possible.
Think about price strategically
One of the adjustments we are making right now to accommodate our more balanced market, is thinking strategically about price right off the bat. A few years ago, there was a good amount of wiggle room for sellers. We were in a world of bidding wars, and homes selling over one weekend. Today’s market is very different, and it pays to come out of the gate strong. We are not anywhere near where we were in 2008/2009, however!
Because I have been in real estate for so long, I have seen many market shifts. 2008/2009, was by far the worst I’ve seen, when we were dealing with multiple market problems all at the same time: heavy inventory, unsold new construction, maxed out credit cards, adjustable interest rates all hitting their anniversary and adjusting up at the same time—and tons of Americans unable to pay their mortgage. We had just come off an incredible market too in 2005-2007, when home values were increasing year-over-year.
Today, while we aren’t seeing the huge increases in home value in just a few short years, we don’t have the multitude of issues we did in 2008/2009. Today our issues are high interest rates and local and national elections. As a result, I see the market rebounding relatively quickly.