Thursday, June 20, 2024
HomeReal EstateHow To Sell a House in A Down Market

How To Sell a House in A Down Market

Selling a house in a down market may seem like a tricky endeavor, especially after actual years of tight inventory and multiple offer sales. Still, in 2022, people need to buy homes and sell homes, it’s just a little more expensive to borrow money right now. While the impact is real, you can still definitely sell your home if you have the right partner by your side in the form of a great real estate agent. 

Moderate expectations: it’s not 2021 any more

If you have the option to not sell during a down market, it’s always good to weigh that choice, since selling a home in a down market will usually prove slightly less lucrative. However, if you need to sell the house and cut ties to move, you’re better off just realizing that this isn’t the same market we had a year ago, and it’s best to focus on what is possible in this market rather than dwelling on the soaring home values of the past few years. Most areas aren’t losing a lot of value, but your high online home appraisal may no longer be what the market supports. 

Talk with an agent who understands your main goals

A great agent will have been watching the markets like a hawk for the past few quarters, noticing how interest rate hikes and inflation issues have been impacting the market in your area and corresponding home prices. This experienced real estate agent will talk you through whether you want to sell fast, sell for as much money as possible, or sell in the most hassle-free sale possible, such as selling as-is. They’ll help you evaluate your options and will give you estimates for what you can do with your home. 

Create marketing that showcases your strengths

In any market, really marketing the property correctly can make all the difference. If it is rare for homes in your excellent school district to come available, play that up. If you have a cool bonus room, a new roof, a great yard, and any other amenities, make sure those are front-and-center in the description and in the high-quality listing photos. While the home needs to “hold up” when people come for an in-person showing, you want the listing to truly draw in the right kind of buyer so that they can fall in love in person.

Use time and price drops to your advantage

A down market may leave you with great offers in the early days of the listing or not. It’s wise to go with a solid offer early on, but if no good offers materialize, you have two good options from there. If you can afford to wait, timing can give you access to new buyers as they come onto the market. If you need to sell the house quickly, however, a price drop can be a way to advertise to anyone who was on the fence that the house is now more affordable. This is often enough to bring some buyers back to the table.

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