How to Set Your Listing Apart in a Cooling Housing Market
By John Giannone | October 20, 2022
The aggressive rise in mortgage rates is considerably impacting the housing market. According to Redfin, the number of homes sold in September plummeted 25 percent year over year, while new listings dropped 22 percent, which are declines that haven’t been seen since the early months of the pandemic. Unfortunately, a cooling housing market doesn’t always change homeowners’ circumstances – sometimes, one has to sell. Couple this decline with economists’ predictions of an “ugly” fourth quarter for the US housing market, and it is crucial for you to set your listing apart from the competition and get your client’s home sold quickly. Continue reading to discover the three best ways to do this.
1. Price Correctly
In a declining market, the worst possible outcome for your listing is overpricing it and having it languish on the market. Buyers always assume that if a listing is stale, there is likely something wrong with the home, and they can get it for a significantly lower price. Pricing your listing as close to market value as possible is critical in attracting the maximum amount of buyers and potentially getting your price in a short period of time. If you live in a market with very low inventory and a large buyer pool, it may even behoove your client to underprice their home and bring about a bidding war. Sometimes a bidding war can even bring the sale price above market value. The key is to create a sense of urgency for the potential buyers, and there’s no better way to create this pressure than with a well-priced listing. Be sure to heavily review the comps and continue monitoring them after listing. If another listing sells before yours, you should scrutinize why and ensure your client is also made aware.
2. Get the Property Ready for Sale
We previously published Five Simple Pre-Sale Home Improvements to Maximize Your Home Value where we encourage you to read for more in-depth coverage. Another crucial element to set your listing apart from the competition is to create a lasting, good impression for potential buyers. Making a buyer feel comfortable and drawn to your space will enable them to envision themselves living there and maximize the chances of them making an offer. The five improvements are: boost curb appeal by investing in landscaping, exterior paint, roofing, and/or siding; repainting the interiors of the home in neutral colors to make it feel fresh; declutter and depersonalize the home to create a sense of calm for the buyer; touch-up or renovate the kitchen and bathrooms; these upgrades often have the best return on investment for a seller (here are the Seven Most Popular Bathroom Upgrades from Realtor Magazine); remove or replace carpeting and old, heavy window treatments.
3. Get the Best Listing Media
The first interaction your pool of buyers has with your listing is online, so it’s imperative that everything is perfect. First, make sure you use a quality photographer and book your photoshoot on a clear day with great light. Photos can be expensive, but if your listing looks as good as it possibly can in photos, you’re already ahead of the game. If your client’s furniture or decor is not that photogenic, consider staging the home with a professional stager, as this has the potential for a significant return on investment for your client. As an alternative, virtual staging is a great low-cost option to enhance the photos of your listing. Second, buyers increasingly value listing videos, so consider investing in a quality video for your listing. Lastly, you should ensure a clear property floor plan is drawn up for the listing. Listings without a floor plan are likely to be skipped over by buyers as understanding a home’s layout and flow are important factors in evaluating a listing.
In this cooling housing market, setting your listing apart from the competition is crucial in bringing about a sale as quickly as possible.
Remember, Feeasy is always available to your clients to finance any pre/post-sale home improvements like those mentioned in this article. We facilitate collateral-free loans up to $100,000 with funding in as little as a business day. Have your clients check their rates at no cost and without impacting their credit scores.
Feeasy® is here to assist you at no cost. If you have any questions about personal loans or would like to speak to a Feeasy representative, please reach out to us:
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