Taylor Yates | February 28, 2023
If you're getting ready to sell your home but watching the real estate market around you begin to cool, you're probably starting to stress. The fear of a stale listing or lowball offers might be running through your head.
While a cooling market can be more challenging, that doesn't mean your home sale will be unsuccessful. Here are some tips for selling your home in a cooling market.
It's essential to be realistic with pricing. Talk to your agent and get to know your market. Understand what similar homes in the area are selling for, and be realistic with how your property compares. If you price too high, you may need to eventually reduce the amount, which will often scare away buyers who think something is wrong with the property or that it could keep going lower. The last thing you want in a cooling real estate environment is for your property to sit on the market and for the listing to go 'stale.' It's better to price aggressively to attract buyers and, ideally, create a multiple-offer scenario.
How a property looks is important, and even more so in a cooling real estate market. Taking the time and spending the money to make some updates might help you sell your property sooner, but don't go overboard. Make sure any improvements you make will be worth it financially when selling in a cooling market. Consider consulting with a real estate agent or appraiser who can advise on what will most likely bring you a return on your investment.
Buyers aren't just looking at how nice a home is but are considering how much their monthly payment will be. So, if you're concerned about your property sitting on the market for an extended period, consider offering a bonus incentive like a seller-paid rate buydown. While it might cost you a few thousand dollars, it could be just enough momentum to push the right buyer over the line and for a higher price.
It's essential to work with a real estate agent like The Yates Team, who is knowledgeable about selling homes in a cooling market. We can help you find the right listing price, advise on any improvements that might be beneficial, and also make sure your property is properly marketed, so it gets in front of the right buyers.
Selling your home in a cooling market can be intimidating, but if you follow these tips, you'll increase your odds of selling quickly and for top dollar. So, are you ready to sell? Connect with The Yates Team to find out how we can help you take on this cooling market.
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