September Is Officially A Buyers Market
Compared to last year September listed to closed ratio is down from last year. This means that 77% of homes listed actually closed. Sellers experienced their homes sitting an average of 29 days on the market before they sold. Compared to 2022 the days on the market lengthened creating the perfect situation to add to an increasing buyers market. Inventory rose less than 1% creating an interesting situation as the market tends to cool during fall and winter months.
How To Increase Profitability In A Declining Sellers Market
Now is more important than ever to increase visibility and avoid your home sitting on the market. Here are a few things you can do:
- Price Your Home Competitively:
- Research recent sales of similar homes in your area to determine a competitive listing price.
- Consider pricing your home slightly below market value to attract more potential buyers.
- Improve Curb Appeal:
- First impressions matter. Enhance your home’s curb appeal by maintaining the landscaping, cleaning the exterior, and making any necessary repairs.
- Stage Your Home:
- Professional staging can help buyers envision themselves living in your home. Remove clutter and personal items to create a neutral and inviting atmosphere.
- High-Quality Listing Photos:
- Invest in professional photography to showcase your home in the best light. Online photos are often the first thing buyers see.
- Market Aggressively:
- Utilize various marketing channels, including online listings, social media, and traditional methods like flyers and open houses.
- Highlight unique selling points of your home, such as energy-efficient features or recent renovations.
- Be Flexible with Showings:
- Accommodate potential buyers’ schedules by allowing flexible showing times, even on short notice.
- Offer Incentives:
- Consider offering incentives to attract buyers, such as covering closing costs or including appliances in the sale.
- Be Patient:
- While you want to sell your home quickly, it’s essential to remain patient and realistic. It may take some time to find the right buyer.
- Address Inspection Concerns:
- Preemptively address any issues that may come up during the inspection, which can reduce the likelihood of a sale falling through.
- Work with a Real Estate Agent:
- A skilled real estate agent can provide valuable advice and market insights, as well as help negotiate with buyers.
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