3 Tips To Sell Your Home in a Slow Market

#3-tips-to-sell-your-home-in-a-slow-market-jan-2023#

I just wanted to share three quick tips. If you're selling your home right now in a slower market.

First tip: Offer a buyer rate down, meaning you as the seller, be willing to pay for the buyer's loan rate by down by 1.1 and a half points, maybe even two points, if that's a possibility. Put this in all of the marketing that you're doing for the property everywhere that it is. This is important. You have to understand that buyers right now are concerned and aren't taking action because they're scared of the interest rates. They're scared of the payments that they're going to have to be facing compared to last year. So by helping out the buyer and offering a rate by down just makes your property more appealing and it's important to understand that many other sellers out there are already doing this. So if you're not, it makes your property less appealing.

Now, what does that cost? Well, it traditionally costs about 1% of the buyer's loan in order to buy it down one point. And so you have to understand, in contrast, when I'm talking to sellers and we're talking about making a price adjustment. Most of the time I'm telling my clients that you're not going to see a big difference in offers coming in on your property unless you adjust your price by 3% or more. So by offering the buyer rate down of only 1% of the loan amount, you're coming out ahead and saving a lot of money.

The next thing I recommend is right now in this market, offer a shorter escrow, be ready to move out of the property as quick as you can. Buyers right now feel like they're in the driver's seat, so when they find a property and they're actually going to move on it and write an offer, they many times want to get into it as quick as they can. Gone are the days where sellers were in the driver's seat and they'd want to stay in their home as long as they could with a long escrow or a several month rent back. We, in fact, just closed three properties last week, and in each of those instances they were all two week escrows were shorter. And the way we got buyers to write those offers was offering a shorter escrow.

The last thing that you should consider is if you've owned your home for a period of time and you have substantial equity in that property, but maybe you don't need all of that equity after you sell your property, Maybe you don't need all of that cash in your pocket. Be willing to offer seller financing to a buyer. Banks right now are offering interest rates in the seventh, eighth or ninth. And if you are willing to offer something more reasonable, like a five or 6%, it becomes a win win for everybody. You can also make additional money by becoming a bank and in collecting that interest rate over a period of time. You can do it for short term or a year or two, or you can do it long term.

Now it takes a sophisticated agent with resources to be able to set this up for you, but it can make you stand out amongst the crowd of other homes that aren't selling. We actually have several other tips that we're recommending for sellers to help get our property sold quickly in this down market. If you're interested in hearing more, please reach out to us or feel free to look for the information of our upcoming seller webinar on how to get your home sold in a slow market.