Selling homes in a slowing market still possible

Know what to expect when selling during a housing downturn

The red hot housing market of the last five years has certainly cooled off. Prices that had tripled in some markets have slowed down as interest rates continue to rise and buyers become discouraged by prices that have reached the stratosphere. Nevertheless, the sale of homes continue, albeit at a slower pace. The public still needs places to live and as long as we continue to live in a transient society, homes will be bought and sold every day.

But the slowdown can affect those who need to sell their home. Buyers are no longer getting into bidding wars over average homes. In the current market, a seller has to be aware of and prepared for the fact that the sale won’t be instantaneous. What used to be a seller’s market is slowly transitioning into a buyer’s market. The sale will come, but some preparation, both physical and mental is a good idea for anyone who wants to sell a home in the current market.

Here are some things you should know if you are preparing to sell a home now:

• Pricing isn’t what it used to be - If you live in a market that has seen 25% increases annually, expect that to stop. Try to drop any grand expectations for getting rich off of your sale. Keep an eye on what other homes have been selling for in your neighborhood and try to develop a realistic expectation for the price you may realize from your sale. And be prepared to take less. The buyers are calling the shots now; if they don’t like the price you are asking, they may talk to your neighbor instead.
• Visuals are more important - Three years ago, buyers weren’t too picky; they couldn’t afford to be. if your home had 70’s-era paneling and lots of wrought iron, the buyers accepted it. Now they may simply dismiss the house as looking dated and move on. It’s up to you to prepare the house for sale by updating anything in it or on it that may make the house harder to sell.
• Get it inspected - The days when buyers might waive a home inspection as a condition of purchase are over. If the house has a problem, the buyer is going to want to know about it. That’s especially true of the problem involves structure, plumbing or electrical issues. You can put any potential fears of buyers to rest by getting the house inspected ahead of time so that you can show any potential buyers that the house is free of major problems. By doing so, you may remain a step ahead of other sellers in your area.
• Choose your agent carefully - Talk to a number of real estate professionals and try to get an accurate assessment of what your house is worth. Give them a good idea of your timetable for selling and see how their estimates of what your house will sell for compare. You don’t necessarily want to hold out for the most money; you want to sell the house in a reasonable amount of time.

The market isn’t what it used to be, but it’s still easy to sell a house in most places. All you need are some realistic expectations, some time, and the will to make the necessary preparations.