Over the past few years, most of the US has been in a strong seller’s market. Historically low interest rates coupled with rising incomes resulted in buyers who were ready and able to buy a new home. It was a crazy time when sellers needed to do little more than put a sign in the yard to attract multiple offers.
However, the post-Covid housing market is quite different. The uncertainty in the economy has slowed the pace and rising interest rates have caused buyers to reconsider their purchase, and the amount they are willing to pay. As a result, sellers must go back to the tried-and-true methods of selling a home, debunking the myths of the past few years.
5 “New” Realities for Sellers
1. Price the Home Realistically –Now sellers must be more careful and price the home realistically to avoid losing the precious early days of a listing when buyer’s interest is highest.
2. Make Repairs – Buyers have more choices now and they will be more careful about buying a home that needs a lot of work.
3. Consider Making Concessions – Buyers often ask for reasonable concessions; sellers should weigh the offer before rejecting.
4. Staging is Back – Make sure the home is show-ready and sellers may consider some simple staging to make the home more appealing to buyers.
5. Be Prepared to Wait – The pace has slowed. In a “normal” market, most homes take 30-45 days to enter escrow.
Finally, sellers should pay attention to their local market and determine the right time to list. Balance has returned to the housing market. Sellers and buyers must adjust their thinking back to the "old" concepts to be successful.