3 Essential Tips for Homeowners Hoping To Sell Right Now

By: Dana Gain

3 Essential Tips for Homeowners Hoping To Sell Right Now

Tags: home selling, sell my home, how to sell my home, how to sell my house, when to sell, when to sell my house, home sales, current home sales, houses for sale, homes for sale, real estate videos, realtor blog, real estate blog, top real estate blog, real estate articles, 2022 real estate, real estate in 2022.


We have seen the market cooling over the past few months. The result? Buyers are starting to gain the upper hand for the first time in two years.
 
It has begun affecting the sales process, too. Time to sell (aka ‘Days on Market’) has lengthened compared with just a few months ago. And with more properties staying on the market longer, prices are coming down.
 
Here are three essential tips for home sellers looking to sell their home in the short term.
 
Tip #1: Choose The Right REALTOR®
 
While this might seem like a blinding glimpse of the obvious, it’s something all our clients have mentioned was the single most important piece of the puzzle for them.

The first question to ask yourself is, is this the right fit? There are plenty of great real estate salespeople to choose from. What’s key is that you feel comfortable working with them. Do you have a communication style that meshes? Do they listen to you? Are they demonstrating that your needs are their priority?
 
Perhaps most importantly, do you feel your REALTOR® is as invested as you are in the process? This is something that you should be able to pick up from your first in-person conversation, and it’s either there or it’s not. Listen to your instincts and if you are not sure, keep looking.

Remember to ask about communication style. How will your real estate salesperson keep you updated? How will you know what’s going on? Is there a communication style that you prefer (eg. text versus phone, email versus text, and so on)?
 
It is helpful to lay out the ground rules of how you expect to be updated from start to finish. This will help set expectations on both sides and hopefully help avoid misunderstandings.
 
Tip #2: Bet on Strategic Pricing
 
Don’t be tempted by sold pricing data from January and February. The market was at its peak then and has clearly self-corrected in the interim.

We have a few clients who made the decision to sell back when the market was at its peak and spent the past few months getting their home ready for sale. When it came time to list the property, prices had fallen and expectations needed to be recalibrated.

We recommend establishing a list price based on how your real estate salesperson guides you: similar homes that have sold in your neighbourhood in the past 90 days.

Look carefully at the research and try to err on the side of a lower price rather than a higher one. Why? The market will always correct for pricing that’s too low by bringing you offers over asking, but the only adjustment possible if you’ve priced too high is to drop the price (and that never feels nice).
 
If you can’t get your head around a list price reflecting current market value, you may not be ready to sell yet and you wouldn’t be alone. Some of our clients decided they prefer to wait for the fall season before selling because the expectation is that the market will have stabilized.
 
Remember: the final list price is your decision and yours alone. Don’t allow anyone to pressure or bully you into a number that does not feel right to you.
 
Tip #3: Stay Abreast of Market Conditions
 
Your
REALTOR® should help you stay on top of what’s going on in the market, it’s an important part of the job of facilitating a sale. As you monitor the pace of what’s going on, it may be easier to predict what your next move should be in the sales process.

For example, the 1% interest rate hike we saw earlier this month will have undoubtedly affected homeowners whose properties are currently listed for sale. That said, some segments will be impacted more than others, so it will be important to understand how this could sway potential buyers in your audience.
 
You can ask your
REALTOR® for weekly or bi-weekly reports so you can be watching what’s happening in your neighbourhood and city. In addition, you can request that your realtor update your original comparative market analysis (CMA) every couple of weeks. This will allow you to keep a close eye on very current sold pricing.

One easy way to take the temperature of the market is to ask to be put on a mailing list to receive sold listings of properties in your area. These would arrive by email each day, making it easy to keep a running tally in your mind.
 
Most importantly, talk to your REALTOR® about what’s happening out there, what they are seeing and how your sale might be affected.  
 
If you have not yet decided on the real estate agent who will be helping you sell your home, get in touch with us today. We provide ongoing communication and marketing plans for all our clients to help you stay updated and aware of market conditions at all times.***


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