Are you concerned about getting your property sold now that the market has slowed? Have you heard stories of homes languishing on the market because of higher interest rates? Do you know that you can still sell your home at the highest and best price in today’s market? Here are some strategies you can employ:
Seller Buy Down Strategy
The Seller Buy down strategy is a process in which the seller provides a credit to the buyer, so that the buyer can purchase discount points in order to obtain an interest rate that is below the market rate they would otherwise obtain. Crediting the buyer money through escrow is a cost-effective way to reduce a buyer’s monthly mortgage payment by lowering the interest rate and it is also a great sales strategy.
Case in point, I have a listing where we employed this strategy: 91-1367 Kaikohola Street Unit #D113. The Seller offered a $20,000 credit to buy down the Buyer’s interest rate. This strategy made the listing stand out from the rest. It will net the Seller more money by avoiding an even more costly price reduction. Plus, it saves the Buyer tens of thousands of dollars over the life of the loan. It’s a win-win solution and one for you to consider if you are selling your home.
Consider a Contingent Offer
A contingent offer is where a buyer makes an offer on your property, but they still need to sell their own property. In a heated market, contingency offers rarely get accepted. But, in today’s market, you may want to consider the possibility. Why? Because when an offer is contingent on the sale of a buyer’s property, the buyer typically has to offer a higher price. You’ll have to wait for the buyer to sell his property, but you can usually structure the contract to allow you to continue marketing your home in the meantime. Contingencies are tricky, and you’ll need a good Realtor who has experience in navigating the process, but they are doable. I have one in escrow now. I represent the Seller and the offer is all cash and very, very strong. The Seller is willing to wait for the buyer to sell their property, understandably so.
Price it Ahead of the Curve
This is my favorite strategy of all. In a slowing market, it’s wise to get in front of things. If you price your home competitively right out of the starting gate, you’re more likely to attract attention and secure a buyer and a better price. There are three things that sell a home – presentation, pricing, and promotion. In an upward moving market, a Seller may be able to get away with less than a stellar presentation of the property. But, in today’s market, you want to present your house at its best. You’ll also want to make sure you have stellar marketing and representation. And, more than anything, you want to price your property competitively. Click here to learn more about how to properly price your property.
Hire the Right Realtor
I’ve been in the business a long time, and sadly, I’ve seen Sellers harmed because they weren’t advised well and their properties weren’t marketed well. One of the biggest mistakes you can make is hiring someone without the experience and knowledge to guide you through the process. You need someone who has the skills, knowledge, and experience to help you navigate the sale of your property. And, perhaps now more than ever, you need to employ the right strategies, the right company, and the right Realtor.
With the help of the right team, you can sell your property at the highest and best price. Even.In.Today’s.Market.