SOLD is our favorite S word
A lot of people right now are putting their homes on the market at a certain price and maybe the market is rejecting that price. Maybe they are getting some showings. Maybe they are getting a lot of showings. Or maybe they are just getting no showings. That is a clear indication that the market currently is rejecting your offer. You are still the highest bidder for your home.
What can you do as a seller?
What gives you the best chance as a seller to become more competitive in the market?
If you are selling a home just know right now the market is retracing about 1-2% per month. So your home is losing a little value each month. If you want to become very competitive you are going to have to get ahead in the price adjustments. You can’t just reduce your home by 1%, because you are still staying behind where the market is.
A lot of people ask when they are selling their homes, what if we offer to pay closing costs? Or what if we offer this concession or that?
The best way to get the market's attention is one thing only - it’s reducing the price! Because if you are a home buyer or a potential home buyer on Zillow or any other technology platform, you don’t care about concessions. You are only looking for where you can find the best value. The best value to you is probably going to look a little different compared to someone else’s best value, but most of the time people are going to look at what the home costs and what they get. The price vs. the value.
So if you want to become more competitive in this market and sell in a declining or a slowing market, you are gonna have to be the winner of the beauty contest. The best looking at the best price!
I would strongly tell you no, don’t offer concessions. Offer your value by lowering the price.