How to beat the local Real Estate Market Dip
By JESS BARRON, Lindsey’s Inc. Realtors
If you have not noticed lately, the local real estate market is changing quickly.
The number of listings is up, and buyer demand is down. Even prices are starting to come down. If you are a homeowner and need to sell or are thinking about selling, you may think now is not the time. But homes are still selling; the difficulty in doing so has just increased.
The biggest challenge that I see for sellers right now is realizing how much the market is changing. The market is cooling, and prices are decreasing. Many people do not realize that right now. A home that was worth $750,000 three years ago, may only be worth $690,000 now. Many homeowners are still listing at these higher values despite recent adjustments in the local market. A knowledgeable and active real estate agent can advise you of local market conditions and values. Another option is to hire a local appraiser to appraise your house if you and the agent are having trouble doing so. This is the most important step in selling your home: pricing.
You only get one chance to make a first impression. This is an old tried and true phrase, but it is very true in real estate. This goes for both online and in-person nowadays. Having your home in top-notch condition and ready to show is a must as the market shifts.
From the driveway and the landscaping to the kitchen and bathrooms, make sure that the house is clean and decluttered with no outstanding repairs. Professional photos, videos and editing is very important in today’s world when most buyers are finding your home online. You or your agent should not have any reservation spending some time and money on presenting your property in the best light possible. After all, you only get one chance to make a first impression.
If you are a seller, patience and creativity in a market shifting to favoring the buyer is key. You may need to get more creative and think about where your home is being viewed. Maybe you have an equestrian property, and you need to advertise in appropriate groups on Facebook or equine publications. Or perhaps, you have an historic home. You need to be looking for outlets that have old house lovers and enthusiasts as their mailing base.
Buyers are going to try and negotiate more in these buyer markets as well. You may need to give. To borrow another old phrase, you may need to lose a battle (concede on something like closing costs) to win the war (sell the house).
Jess Barron is an Associate Broker with Lindsey’s Inc. Realtors and former President of the Newnan-Coweta Board of Realtors.
