The market is shifting, what are we to do? With expert advice from the leaders at Inman, following are steps to do and not to do, during this market shift.
Don't buy before selling your home - Buying before can put financial pressure on you in a market that takes longer to sell. It makes more sense to sell first and then look to buy. Doing so, will help you sleep at night more easily.
Don't set a price and not move from it - The buyer sets the price. In a shifting market, houses stay on the market longer. Plus buyers have more leverage with offers coming in lower, effectively lowering market values. Sellers must consider all offers, your first offer is often your best and only offer.
Don't underprice your home - Don't list your home artificially low and let the market drive the price up. It is not an auction. Sellers should list at a price that they know they will accept.
Don't price higher than what your neighborhood is selling for - When pricing, sellers should follow the market. In a market that is turning down, sellers want to price ahead of the market by setting the price under previous sales.
React quickly - When the market shifts it does so immediately. Respond effectively. Sellers need to accept the new market and look at lower price offers that appear.
Maximize property potential - With increased inventory, buyers become picky. Sellers should make sure their homes stand out. Price correctly, stage your home, market it properly and prep your home to win the bid.
Be patient - Sales in a downward market take longer to sell. Stay ahead of market conditions and listen to what the news is saying.
Embrace this new reality. Don't panic. If you have a question whether you should sell, buy now, or even rent for a while, feel free to call me (516-659-9855). I am dedicated to my clients needs. I offer outstanding service, excellent communication, expert market knowledge and cutting-edge technology tools and resources. #realtor #buyingahome #sellingahome #realestateinvesting