Selling Your Home In a Not-So-Hot Market
July 2023 Week 2
things to expect:
Turmoil, Politics, Inflation, Higher rates, Oversupply of housing You name it! The market is pushing us to the edge. This has been coming for a long time, we knew this was coming and frankly, we needed this 3 years ago, before the pandemic. But now that it’s here, let’s talk about the strategies you can use when selling your home. Now, let’s just acknowledge that this is not the best time to sell. If you have to sell or just need to get out from under a property, sell now. The perfect time was to sell in March ( in my area) but no one can predict the future, and we will never be able to time the market to sell right at the very top. Now that we’ve seen the top for today. Let’s look at some strategies.
The list price should be lower - if you thought your home was worth $1M in March and we're now in July, that time has gone. That’s ancient history. List your house at 800k and you will have buyers coming to your doorsteps. You DON'T want to list at that high price. This is like shooting yourself in the foot. Just don’t. The market will not come to you. You will hear crickets and you will think your agent isn’t doing anything. Don’t expect 15-20 offers - MANY Buyers have taken a sit-and-watch approach. Even if they know the rates are going up. Be Warned- there are speculators out there buying your homes now. And some experts are saying that while the market is softening now, prices may not recede.
set your expectations lower