Hey, REALTOR®s, are you starting to see signs of a slowing housing market? All over the country, news outlets are starting to sound the alarm, with headlines like this:
Here we are in the dog days of summer and we are starting to see the dreaded “price reduction” come back into vogue. How do you ensure you’re positioning your sellers to sell BEFORE having to reduce the price?
Housing market shifts can happen quickly. In fact, according to CNN, housing sales in 2022 are now expected to be about down by about 13% compared to 2021. And the number of homes on the market has grown drastically (up 9.6% at the end of June compared to the end of May). Read more here.
Some homeowners may be able to wait to sell. However, many homeowners must move, due to relocation, family changes, etc.
Are you, as a REALTOR®, hoping to get more listings? Then you’ll want to keep these tips in mind to set yourselves apart from other real estate agents and win (and sell!) that listing. You know that the variables in how a home will sell are location, price, and condition. Sellers do not control the location, but they can impact everything else. If you’re listing a home for sale, you’ll want to make sure you’re considering the following:
Instead of pricing aggressively, or pricing according to a similar house that sold in May, consider pricing below that number. You’ll want to ensure that people don’t automatically assume that a home is overpriced. With more housing inventory available, buyers have a choice to decide to see a home. Make sure yours isn’t automatically excluded by buyers who are pickier than they used to be.
The condition of the home includes several things:
This will include the big ticket items: roof, foundation, air conditioning/furnace/water heater, etc. Depending on the price point and comparable properties, consider whether your sellers need to make any major repairs before listing the home.
Do not neglect the small items your sellers or a handyman can do. Walk around your house with a critical eye and look for annoyances like:
- Burnt out or mismatched light bulbs
- Sticking doors
- Torn screens
- Wall / baseboard dings or holes
- Crooked cabinet doors
Advise your sellers to take care of anything they’ve been postponing. Buyers tend to worry more about the bigger items when the smaller items haven’t been addressed.
Home Presentation (Staging)
The final step in determining the condition of a home is the presentation. This step is no less important than the ones before!
Per the National Association of Realtors, only 28% of listing agents stage their listings. This means that 72% of listing agents do NOT stage and gives you a prime opportunity to stand out. Read more here.
Staging a home for sale is key. Home staging also means more than the standard advice to declutter and wash the windows.
For occupied homes, if you offer your sellers a “punch list” of tasks they need to complete to fully prepare their home for sale, using their current furniture, you’ll take away their anxiety about the home sale and stand out as a REALTOR® with access to all the tools and experience. Many of our REALTOR® clients use Stagerie for their clients to provide an occupied home staging consultation without having to set up an appointment with a stager. Learn more here.
For vacant homes, if you or your client want to pay to bring furniture and décor into the home prior to listing, email us if you need help finding a stager in your area. We have stagers all over the country!
The Bottom Line
Don’t be scared of a slowing housing market. This is where conscientious and hardworking REALTOR®s have a chance to shine. Go forth and conquer!