Buyers have doubts now thanks to inflation, rising home prices and higher mortgage rates. While some best-practice seller tactics haven’t changed, some have.
NEW YORK – Current hurdles facing the real estate sector? Inflation, rising interest rates and a limited supply of homes.
To better market properties in a cooling housing market, real estate agents need to:
Price their homes’ listings competitively. This involves a comparative market analysis (CMA) to gauge the value of a property and determine a competitive price.
- Highlight the unique features of the home, such as a large backyard or renovated kitchen, across their marketing materials.
- Stage the property professionally
- Take high-quality photos and videos
- Use social media to market the property.
Platforms such as X (formerly Twitter), Facebook and Instagram can be used to share a home’s photos and videos, as well as run targeted ads to prospective buyers.
Agents should also emphasize that “working with a qualified real estate professional is essential” because of their ability to negotiate the best price and market the property effectively, plus Realtors also have access to insider knowledge.
Other key tips include:
- Offering buyer incentives, such as closing cost assistance
- A home warranty or a free move-in
- Advertising the fact that sellers will be flexible with the closing date
- Patience – and not getting discouraged if the property doesn’t sell immediately
Implementing these strategies effectively may be the difference between prompt and profitable sales and properties that remain unsold for weeks or even months.
Source: Realty Biz News (10/11/2023) Shepardson, Ben
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