{"id":74408,"date":"2022-06-02T05:00:44","date_gmt":"2022-06-02T12:00:44","guid":{"rendered":"https:\/\/www.redfin.com\/news\/?p=74408"},"modified":"2022-06-01T11:57:19","modified_gmt":"2022-06-01T18:57:19","slug":"home-selling-tips-shifting-market","status":"publish","type":"post","link":"https:\/\/www.redfin.com\/news\/home-selling-tips-shifting-market\/","title":{"rendered":"Redfin Advises Listing Sooner Rather Than Later, Pricing Slightly Below Recent Comps &#038; Other Home-Selling Tips For a Changing Market"},"content":{"rendered":"<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><i><span style=\"font-weight: 400;\">Redfin experts share home-selling strategies as mortgage rates rise and homebuyer demand falls.<\/span><\/i><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><i><span style=\"font-weight: 400;\">Price your home slightly lower than similar homes that sold recently in your neighborhood. Remember that buyers are sensitive to rising rates.<\/span><\/i><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><i><span style=\"font-weight: 400;\">List as soon as possible.<\/span><\/i><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><i><span style=\"font-weight: 400;\">Make small repairs and stage your home.<\/span><\/i><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><i><span style=\"font-weight: 400;\">If you price your home right, you\u2019ll find a buyer. Though demand has fallen, it remains above pre-pandemic levels.\u00a0<\/span><\/i><\/li>\n<\/ul>\n<ul>\n<li style=\"list-style-type: none;\">\n<ul>\n<li style=\"list-style-type: none;\"><\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">The housing market is shifting from a red-hot seller\u2019s market to one where buyers have some power. After nearly two years of a housing-supply shortage and bidding wars for most homes that <\/span><i><span style=\"font-weight: 400;\">did <\/span><\/i><span style=\"font-weight: 400;\">come on the market, higher mortgage rates and surging prices have put a <\/span><a href=\"https:\/\/www.redfin.com\/news\/housing-market-update-price-drops-surge-to-19pct\/\"><span style=\"font-weight: 400;\">damper<\/span><\/a><span style=\"font-weight: 400;\"> on homebuyer demand.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">For homeowners thinking of selling, strategies are shifting. To sell homes quickly for top dollar, sellers should stay one step ahead of the current housing market. We\u2019ve compiled tips from Redfin economists and real estate agents on how to sell a home in the changing market. We advise sellers to contact a local Redfin real estate agent to come up with the best plan for their unique home and situation; the tips below are general.\u00a0<\/span><\/p>\n<h4>Pricing and timing are key<\/h4>\n<p><span style=\"font-weight: 400;\">Pricing and timing are always critical when it comes to selling a home, but especially in the current market. Redfin economists advise listing your home as soon as possible, and pricing it slightly lower than you would have earlier this year. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">\u201cDuring the pandemic-fueled housing frenzy, sellers could count on getting more money for their home than a neighbor who sold last month,\u201d said Redfin Chief Economist <a href=\"https:\/\/www.redfin.com\/news\/author\/darylfairweather\/\">Daryl Fairweather<\/a>. \u201cThose days are over. Now, you should expect to get a bit less than what your neighbor got a month ago\u2013and in a month, you may get less than you would get now.\u201d\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">\u201cWe don\u2019t expect prices to fall lower than they were a year ago, but price growth will likely slow as the year goes on,\u201d Fairweather continued. \u201cSellers should list their home as soon as they reasonably can.\u201d\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Sellers should also <\/span><i><span style=\"font-weight: 400;\">price<\/span><\/i><span style=\"font-weight: 400;\"> accordingly. A good strategy is to price your home slightly lower than what comparable homes in your neighborhood sold for about a month ago, according to Fairweather. That should give sellers an advantage because their price will be slightly lower than comps in their area, drumming up interest from potential buyers. You want your home to be the obvious choice in your neighborhood. As prices decline slightly on a month-to-month basis, due partly to typical seasonality, a small discount from the previous month may be close to fair market value. Talk to your local Redfin real estate agent about pricing in your area, as prices may not decline from the month before in every part of the country.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">For example, <\/span><a href=\"https:\/\/www.redfin.com\/WA\/Seattle\/4540-8th-Ave-NE-98105\/unit-2203\/home\/48512\"><span style=\"font-weight: 400;\">this Seattle condo<\/span><\/a><span style=\"font-weight: 400;\"> sold for $450,000 in May. If you\u2019re planning to sell a comparable condo in the same building in June, consider listing it for around $430,000\u2013slightly less than the one listed a month earlier.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">\u201cHomes tend to sell for what they\u2019re worth,\u201d Fairweather said. \u201cIf your asking price is truly too low compared to other similar homes in the area, buyers will bid it up to a fair price. It\u2019s better to price slightly low than receive zero offers.\u201d<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Rising mortgage rates are a major reason why sellers should price their home lower than they would have earlier in the year. Sellers should keep in mind that buyers are sensitive to mortgage rates, which have risen from about 3% to over 5% since the beginning of the year, bringing monthly mortgage payments up near <\/span><a href=\"https:\/\/www.redfin.com\/news\/housing-market-update-price-drops-surge-to-19pct\/\"><span style=\"font-weight: 400;\">record highs<\/span><\/a><span style=\"font-weight: 400;\">. Even if the price of a home is the same as it was earlier in 2022, monthly mortgage payments will be higher.\u00a0<\/span><\/p>\n<p><i><span style=\"font-weight: 400;\">Other timing tips: Consider selling to an iBuyer, avoid listing your home before a holiday weekend and be ready for showings\u00a0<\/span><\/i><\/p>\n<p><span style=\"font-weight: 400;\">Because selling your home fast is so important in today\u2019s market, consider selling to an iBuyer like <\/span><a href=\"https:\/\/www.redfin.com\/now\"><span style=\"font-weight: 400;\">RedfinNow<\/span><\/a><span style=\"font-weight: 400;\">. iBuyers make all-cash offers\u2013which aren\u2019t impacted by mortgage rates rising\u2013and close transactions as quickly as 10 days, so deals are unlikely to fall through.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">It\u2019s better to list sooner rather than later. But if you\u2019re going to list your home later in the summer, avoid the week before holiday weekends. Homes listed just before holiday weekends tend to get less online pageviews and less interest from buyers, so don\u2019t list right before the 4th of July or Labor Day.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Remember that access helps sell homes. Accommodate every showing request. If you\u2019re living in your home while it\u2019s on the market, try to always be ready to briefly leave the house\u2013and leave it in a clean, uncluttered state\u2013when last-minute tour requests come in. Hold an open house if you need to. If you\u2019re not living in the home, consider a lockbox that lets prospective buyers enter the house on their own timeline. The more showings, the more likely you are to get an offer.\u00a0<\/span><\/p>\n<h4>Be strategic about price drops<\/h4>\n<p><span style=\"font-weight: 400;\">To keep the ball in the seller\u2019s court, it\u2019s best to avoid a price drop. But that\u2019s not always possible: Nearly 1 in 5 home sellers dropped their <\/span><a href=\"https:\/\/www.redfin.com\/news\/housing-market-update-price-drops-surge-to-19pct\/\"><span style=\"font-weight: 400;\">price<\/span><\/a><span style=\"font-weight: 400;\"> last month, not necessarily because they were overpriced, but because the market\u2013and what buyers are willing to pay\u2013has shifted since the beginning of the year.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">If you need to drop the price of your home, be strategic. Have an ongoing conversation with your local agent about which comparable homes in your area are selling, what they\u2019re selling for, and how to be competitive. Make sure your price remains slightly lower than the homes that <\/span><i><span style=\"font-weight: 400;\">aren\u2019t <\/span><\/i><span style=\"font-weight: 400;\">selling.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">A good rule of thumb is to look at the typical number of days homes stay on the market in your area. If that number has come and gone and you haven\u2019t received any offers, it\u2019s a sign you may need to lower your price.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Showings and tours are also strong indicators of when a price drop may be necessary. If your home is sitting on the market for two weeks and nobody has toured it, prospective buyers are probably passing over it because it seems too expensive. And if you\u2019ve had 30 showings in two weeks and nobody has made an offer, the price may need to come down.<\/span><\/p>\n<h4>Looks matter more than they did a year ago<\/h4>\n<p><span style=\"font-weight: 400;\">Get back to the roots of what sells a home. At the height of the market, strategies like staging and painting often weren\u2019t critical for nice homes in desirable neighborhoods\u2013sellers could expect to get multiple offers even without staging and with some visible flaws.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Now, sellers need to be thorough when it comes to preparing their home for photos and tours. But keep in mind that getting your home on the market quickly is key, so be reasonable: Make small repairs, stage your home and make sure the yard is clean, but don\u2019t waste time with more time-consuming renovations.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">\u201cWe\u2019re in the middle of a housing-market correction. Sellers can still get an excellent price for their homes with the right strategy, but buyers are also able to be more discerning,\u201d said Los Angeles Redfin agent <a href=\"https:\/\/www.redfin.com\/real-estate-agents\/heidi-ludwig\">Heidi Ludwig<\/a>. \u201cBuyers aren\u2019t going to overpay for a home that needs a ton of work anymore. Give your home a deep clean. Stage it. Consider a fresh paint job. Do some landscaping. Put effort into selling your home, and you\u2019ll attract a small pool of tenacious buyers.\u201d<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Redfin agents recommend the following strategies to prepare your home to show:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Make small repairs such as replacing light bulbs and cabinet hardware, or fixing a window that doesn\u2019t open properly. If the house appears problem-free to prospective buyers, they\u2019re more likely to put in an offer. Buyers will probably bring in a professional home inspector before closing a deal\u2013with the market cooling, buyers are less likely to waive the inspection contingency\u2013but it\u2019s beneficial to fix anything that\u2019s visually unappealing.\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Pay attention to your home\u2019s curb appeal. When prospective buyers tour your home, you want their first impression to be a good one. Power-wash the siding and driveway if necessary, mow the lawn, plant some flowers, and make sure buyers can picture themselves living a low-maintenance lifestyle as they walk up to the front door.\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Stage your home. The power of feng-shuing beautiful furniture and artfully arranging throw pillows is real. Perfectly placed furniture and soothing decor help buyers picture themselves living in the home\u2013and staging typically doesn\u2019t take long, so it\u2019s a quick way to spruce up your home.\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Hire a professional photographer to capture the best possible images for your home listing. Homes listed with high-quality, professional images <\/span><a href=\"https:\/\/www.redfin.com\/blog\/professional-real-estate-photos-sell-homes-for-more\/\"><span style=\"font-weight: 400;\">sell faster<\/span><\/a><span style=\"font-weight: 400;\"> and for more money. Providing an online 3D tour is also important.\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Keep your home as clean as possible: Stay on top of sweeping and vacuuming, dusting, doing the dishes, picking up toys and books from the floor, folding clothes, etc.\u00a0<\/span><\/li>\n<\/ul>\n<h4>Be open to negotiations<\/h4>\n<p><span style=\"font-weight: 400;\">It may be a tough pill for sellers to swallow, but buyers have some power in today\u2019s market. Just like they may pay less for a home than when mortgage rates were at a record low, buyers may be tougher negotiators\u2013and sellers should make some concessions.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Sellers can no longer expect offers that waive inspection, financing and\/or appraisal contingencies. With those contingencies in place, there\u2019s room for a deal to fall through\u2013and in most cases, it\u2019s better to negotiate with the buyer and perhaps give up a few thousand dollars than search for a new buyer. Time is of the essence, and you don\u2019t want to put the home back on the market and start over.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">If a buyer requests repairs or money to do repairs themselves based on the inspection report&#8211;maybe the roof needs some new shingles or there\u2019s a faulty drain in the bathroom\u2013it\u2019s in your best interest to say yes.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">One perk that sellers can offer to sweeten the deal: Pay the buyer\u2019s closing costs. If a negotiation has started, paying closing costs could be exactly what you need to close the deal.\u00a0<\/span><\/p>\n<h4>Price your home right and you\u2019ll find a buyer<\/h4>\n<p><span style=\"font-weight: 400;\">While there isn\u2019t as much demand from homebuyers as there was earlier this year, demand is still up from pre-pandemic levels.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">People buy homes every day for all sorts of reasons. People move for new jobs, to be near family, to be in a different climate or because they recently retired, among many other personal reasons. Not everyone can drop out of the market because mortgage rates are up.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">\u201cOne piece of advice for sellers: Remember that there are buyers out there looking for a home just like yours,\u201d said Austin Redfin agent <a href=\"https:\/\/www.redfin.com\/real-estate-agents\/crystal-lopez\">Crystal Lopez<\/a>. \u201cI can\u2019t promise multiple offers anymore and they may not come on the first day, but we are getting strong offers when the home is priced right. Trust that you will find the right buyer for your home.\u201d<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Redfin experts share home-selling strategies as mortgage rates rise and homebuyer demand falls. Price your home slightly lower than similar homes that sold recently in your neighborhood. Remember that buyers are sensitive to rising rates. List as soon as possible. Make small repairs and stage your home. If you price your home right, you\u2019ll find [&hellip;]<\/p>\n","protected":false},"author":13153,"featured_media":74409,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"site-sidebar-layout":"default","site-content-layout":"default","ast-site-content-layout":"default","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","ast-disable-related-posts":"","theme-transparent-header-meta":"default","adv-header-id-meta":"","stick-header-meta":"default","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"default","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"footnotes":""},"categories":[8],"tags":[65],"dashboard":[],"coauthors":[124],"class_list":["post-74408","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-housing-market-news","tag-home-seller-tips"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v24.7 (Yoast SEO v27.6) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Redfin Advises Listing Sooner Rather Than Later &amp; 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