REAL ESTATE NEWS (Los Angeles, CA) — Today, we have some of historic challenges for home sellers that we are facing in this shifting real estate market. Here we will break down eight tactical ways to can take away from today’s blog post. Implement them in your home sale or your real estate business immediately.
One of the biggest questions that we’re getting from the agents and home owners that we talk to every day is: what to do about expired listings when there are not enough buyer.
It can be easier for real estate to get listings, but they’re just not selling. So, in this blog post, we’re gonna break down eight specific things to do in real estate during a shifting market to get a property onto the market and get it sold reliably. If any of this article makes sense to you, and you’d like to have a conversation with us at the team about potential working together, I will put a link below.
In the last couple of years, we saw a very, very hot sellers market, artificially pumped up by the money printers in the federal government, along with radical, loose monetary policy of the federal reserve. Now that they’ve caused massive runaway inflation, things are changing. It’s no longer so simple and easy to get a home sold for big bucks.
As more property listings expire with no sale, sellers wonder what there agents did wrong.
Poor communication usually the culprit. In today’s softening market, many real estate agents are afraid to communicate the truth about pricing to their client the home seller.
There are many new real estate agents out there that have little or no experience with a down market. They may not know how to handle it. Before, they could stick a sign in the front yard, list the property on the MLS, and multiple offers would come in quickly. That’s different now. Expectations must be set correctly, and communication must be accurate, so that home sellers don’t end up confused and disappointed. When a property is listed for sale, sellers need to be updated every day on what is happening (or not happening) and why. — and what to do about it. A home sellers should never have to call their agent, after a week or two of silence, to ask for an update.
The home must be priced right. A home that is overprice in this market will attract no offers. The listing will get stale, and prospective buyers will assume something is wrong with the property, as they ignore it in favor of correctly priced homes.
In today’s market, sellers much be flexible in offering terms that encourage prospective home buyers to place offers. Because financing and high interest rates are a chief concern in the market today, sellers may address this by offering to help buy down the rate so that the buyer can afford the monthly payments. Some sellers who have plenty of equity and cash can solve the problem by financing the property themselves, without the need for a mortgage lender.
Most importantly, the home needs to receive offers. Homes sell for the most money and greatest level of satisfaction when they receive an offer within two weeks of listing. That’s my home asking prices must be set correct: either just right, or a bit on the low side as to attract more attention, more offers, auction effect and a higher final sale amount.
If some buyers are interested in the property, but do not place an offer within a few days of viewing, the listing agent should consult with the seller about the advanced tactics of providing reverse offer to the buyer prospects.
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