How to Sell Your Home in a Slower Market

The market has changed. This isn't a "pick your price market" anymore. Prices have not come down much although the market is much slower than it was and you need to be strategic when selling your home in the current market.

The first step to selling your home in this new market is to Do a thorough analysis of the comps. Comps are comparable sales that have sold nearby and are similar to your home. You need to draw a conclusion as to what the comps say your home is worth. For example if you have a 3 bed / 2 bath / 2 car garage home and most 3 bed 2 bath 2 car garage recent sales are right around $300,000 then it's safe to conclude, the comps from this year indicate a $300,000 value. BUT, there is more to it. In this new market you need to price your home strategically if you want it to sell. If you price too high in this market you'll just help sell other people's listings by making their lower price look good. So, I recommend you take what the comps say your home is worth and actually price the home 3-5% less than that. In this example you would price the home at $290,000. By doing this you may still end up at a final sales price around $300,000 but it's important to understand in this new market it is crucial you price your home a notch below the comps.

Next, I strongly encourage you to complete a small punch list of minor repairs. In a hot market you could leave this step out and still sell for a good price but not anymore. If there are any minor repairs that make your home not "move in ready" it is crucial to complete those. Work with a good agent and they will help you identify what those are and also help coordinate those repairs. Do not miss this step in this market as it could cost you an extra couple weeks to a month of market time... and who knows where prices will be a month from now (possibly lower?).

Lastly, the presentation of your home needs to be on point. Nothing short of perfectionist quality in this market will decrease the value of your home. If you're not working with an agent who's "all in" or a perfectionist, then good luck. Every home is different so I cannot give you a specific answer as to what this could be for your home. It could be light staging, changing the order of the photos in the online ad, highlighting certain parts on the listing write up (the copy), storing a few pieces of furniture in the garage, or even strategically holding an open house when nobody else in the neighborhood is. Take a look at the other listings available in your market and figure out a game plan to make yours stand out. This market will eat sellers alive right now if everything about the overall presentation isn't on point.

Thank you for taking the time to read this article. I try to take my personal experiences and translate it into content for you so you can succeed when the time comes. I would appreciate if you drop me a comment and let me know what you liked or didn't like about this article.