There is no doubt our real estate market has shifted. Nice homes priced well are still selling within days, often with multiple offers, but now many are lingering a bit longer. Today’s market has been topsy-turvy since the pandemic. Increasing but still low inventory and high prices have created a strange mix with some homes flying off the market, and others sitting for weeks

Homes Are Still Selling Faster Than Pre-Pandemic Higher interest rates and general economic uncertainty has buyers being a bit pickier, particularly for homes that are not in outstanding shape. While you may remember how quickly homes sold a few years ago, that’s not what you should expect today. In general, homes are taking longer to sell. However, don’t get too hung up on the longer sales period as homes are still selling more quickly than they did before the pandemic! By this comparison, if your house does take a little more time to sell this year, it’s not really a concern. It’s still faster than the norm. Still, some homes do move very quickly. Why do some homes attract eager buyers almost instantly, while others sit and struggle? It comes down to having the right mindset and strategy.

1. Price It Right The biggest reason a home sits on the market is overpricing. Many sellers believe listing at a higher price will get them a higher price. Often, that’s not true. Usually, the longer a home sits on the market, the lower price it receives. What to do: price the house to attract multiple buyers. Analyze recent sales, so you know you’re pricing appropriately for today’s market. Receiving multiple offers not only means your list price usually rises, but usually you also come away with a contract with fewer contingencies and price concessions.
2. Focus on the First Impression Three or four years ago a seller could put a home on the market without doing any work at all and it would still sell quickly. Those days are gone. Since buyers decide within seconds whether they like a home, a good first impression is key. What to do: Clean up the front yard, tidy up the landscaping, power wash walkways, and add fresh mulch. Inside, declutter and depersonalize. And consider minor touch ups like repainting in a neutral tone.
3. Strong Marketing & High-Quality Listing Photos If your listing doesn’t look professional, you could have trouble drawing in buyers. What to do: High-resolution listing photos showing the home in its best light. Detailed descriptions that highlight differentiating features of your house. Place your listing on all the major real estate sites. The more potential buyers who see your home, the likelier it is you receive multiple offers and drive up your price.

If you would like to explore preparing your home for the market, please give us a call. We would be glad to help!