Tuesday, June 11, 2024
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Tips To Sell a House in A Down Market

Watching interest rates rise and the economy shift can create concern if you know that selling your house is in your immediate future. One reasonable concern is that the home estimates you find online may or may not be accurate at this point, since changing markets are right when these estimates are the least reliable. Here are some steps to finding your way in a down market and still selling your home the way you want.

There Are Always Buyers

One key truth is that there are always people moving, even if it isn’t the frenzy that 2020 and 2021 turned out to be. A great real estate agent is key when selling in a down market though: they have been sourcing buyers through excellent marketing for a long time, ideally, so they will be able to help you find them. Down markets are times when real estate agents really help sellers a ton. 

Know Your Competition and Market With Them In Mind

The real question in any sale is not “what is your house worth?” but rather “what options do potential buyers in your market have?” While there may not be tons of shoppers the way there are in a tight market, some folks are looking for homes in your area, so your competition are the homes available right now. Make sure you’ve evaluated ways that your home could compete well against them, either in features, location, or price.

Seek Out Ultra-Recent Comps

If you’re concerned that you are getting your hopes up for a too-high price, you’re not alone. If you need to sell now, there’s a good chance that you won’t be able to sell in the same range that someone who sold 18 months ago was able to get in your neighborhood. That’s why very-recent comparable properties are important, as in the last couple of months. These homes show a more accurate picture of what people are paying in the current down market. Rather than dwelling on past high prices, focus on selling your home for the most it can fetch in this market.  

Talk Out Offers With Your Real Estate Agent

If you receive more than one offer, take at least a serious look at all of them, rather than simply going with the highest price. Real estate deals do sometimes fall through, so talk to your agent about potential benefits of things like a waived inspection, a cash offer, or very good earnest money, all of which show seriousness about the property. In areas with low inventory, there are still sometimes multiple offers situations even in a down market, so be prepared to think through what you might need to say “yes!” to an offer. 

No Early Offers? Use Time If Possible

If you aren’t getting acceptable offers in the first few days, don’t fret. While an ideal world would give you offers to consider immediately, this market is odd enough that even great houses sometimes sit for a week or two. Talk to your real estate agent and see when they’d recommend a price drop to get more attention for the property. If you have the luxury of time, though, consider just letting the house continue to get exposure and see if the right buyer comes along. 


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