As Q3 draws to a close, the real estate market is looking a lot like early 2021 – with buyers emerging from their winter hibernation in search of homes in a continuously limited inventory marketplace. And with well-priced and updated homes seeing lines forming at Open Houses, it’s clear that buyers are ready to make their move.
But does the tactic of “first showings at open house” really work? While it may create a sense of urgency and popularity for some buyers, others are walking away, not wanting to deal with the frenzy. Can you blame them?
The UPSIDE FOR BUYERS is that spring is here! With Passover and Easter in the rearview, we are all hopeful for all the homes that are just waiting to go live on the MLS. But the DOWNSIDE FOR BUYERS is still the lack of inventory, multiple offers, and waived contingencies coming back, with the frenzy of buyers trying to secure housing before their summer vacations.
Sellers, on the other hand, felt the softening of the market in Q4 and Q1 as buyers were still sitting on the sidelines waiting for interest rates to come back down below 6%, or for some huge fire-sale of home prices to materialize, which didn’t happen because it’s an inventory issue, not an over-priced home issue. But with pent-up demand for housing over the last six months, well-priced, well-marketed, and updated homes are still commanding multiple showings, packed open houses, and multiple offers that favor the seller’s terms.
Therefore, the UPSIDE FOR SELLERS is that they still have the upper hand when it comes to inventory. Being the only home available in a desirable location is still the path to success, as long as you are working with a knowledgeable broker and have a pre-market, on-market, and realistic strategy and understanding of how to best position your home to potential buyers. Remember, it’s not about what the Jones’s got for their home in April 2022, it’s about making buyers fall in love with your home online, then in-person, and then creating competition within a targeted buyer pool.
The DOWNSIDE FOR SELLERS is the zany idea that they can hire anyone to sell their home, which is just plain lunacy. An unsupervised novice, discount brokerage, or iBuyer may not sell, (or buy) your home for top dollar with multiple offers and best terms in a short amount of time in the same way an experienced REALTOR with an actual marketing strategy can. It’s important to remember that REALTORS have to actually market homes again, sometimes for multiple weeks! So, make sure you are getting more than the old-fashioned 3-point Marketing Strategy (flimsy yard sign, iPhone pictures (cringe), & uninspired MLS entry) and actually hire a professional REALTOR to create massive attention for your property both online and offline.
Selling a home is an art and a science, but with the right REALTOR, you can be weeks away from the closing table and moving on to your next adventure – whether that means moving up, moving down, or cashing in and traveling the globe with all the equity you’ve built up over the years. And speaking of equity, have you checked how much your home has gained since 2020? It could be upwards of 50%! Reach out today for your free Home Equity Review and let’s start planning your next move – today. And don’t forget to check out my SELLER MASTERY PROGRAM™ to learn more about modern real estate marketing options for sellers! You can learn more at www.sellyourhousewithsteph.com/home-selling-system
