HOW TO SELL IN A CHANGING MARKET
The Santa Cruz County real estate market is a beast all of it’s own. With some workers no longer able to work from home, changes in the overall global economy, and interest rate increases, we are in an ever changing market. Inventory is low and values are strong, making it a wonderful time to be a seller, however in order to capitalize on these prime conditions, you need to consider some important factors in order to come out on top. With the evolution of the market happening on a monthly, weekly, sometimes daily basis, it’s important to have a strategy and plan when presenting your home to the market, otherwise you could be plagued with stiff competition, a lack of showings, price reductions, and a stale listing.
Proper Preparation for Market
Even with low inventory it's incredibly important to prepare the home the proper way prior to going on the market. This includes a team ready to schedule the appropriate inspections (preparing a disclosure package PRIOR to a buyer making an offer is key), consideration to any necessary repairs or updates to maximize value, tailored consultation regarding presentation and staging, and professional cleaning. Once you are fully prepared for the best showcasing, you are best prepared to sell in a changing market to stand above the competition.
Market Awareness and Pricing
We are in a multifaceted and ever fluid real estate market. Several factors influence the buyer pool every day. It is key to be in the know about current trends, market conditions and influences to stay ahead of the curve. It is important to be aware of your current competition, what buyers are looking for, and what they shy away from. Pricing is key when putting your home in the market, you want to be properly priced to ensure you are presented well against the competition and receive the most exposure. Pricing too low could leave money on the table, pricing too high can result in savvy buyers not wanting to even view the home. In a changing market, pricing the right way could make or break your sale.
Marketing and Advertising
In a changing market, you need all eyes on your listing. You want to be the property that is priced attractively, viewed as the most appealing, marketed with all the key features and lifestyle it brings, and exposed to the most amount of people. Many buyers in our market come from out of the area, and or work from home, meaning an internet presence is key. Being able to BE at the property without physically having to be there is one of the biggest factors. Tailored showcasing for your specific property is of the utmost importance. A buyer for a 10 acre mountain estate will not be attracted to the key features a buyer looking for walkability and an ocean view, so presentation is important. Selling a LIFESTYLE is important. Buyers today have a short attention span, how the property is presented must be strategic to capture the audience. Proper advertising, descriptions, and media content is a prime element in selling in a changing market.
Strategy
Strategy starts with the home preparation and doesn’t stop until escrow closes.
Preparing the home the right way is paramount, you want the home to be presented not only in its best light, but you want the buyer to make an informed offer - so as to limit possible renegotiation down the line. Strategic marketing allows targeted exposure so the largest and best fit buyers are viewing your property. Knowing how to handle offers is a key separating factor when it comes to the overall success of a sale. The smallest nuances can make the biggest difference. You need to be guided on the pros and cons of each term, and your options in terms of response. Once in escrow the need for strategy doesn’t go away, there is a whole separate strategy once it begins. There are several milestones within an escrow and with that can come renegotiation attempts. Knowing these milestones, what they mean and how to navigate attempts at renegotiation is key especially in a changing market.
Team with Experience
Having the best guide, who has experience in evolving markets can make all the difference in your sale. Having a team that has the best systems for a seamless process allows you to rest with ease knowing there are systems in place to ensure the best outcome. No stone is left unturned, no buyer is left unfollowed up with, while your home is being strategically marketed and you have an experienced team to guide you with negotiations. Having a team ensures you have the best customer service, as everyone has a strength and there will always be someone there to answer questions. Having a team with an established customer service and sales record is one of the most important factors in selling in a changing market.
These are some of the biggest factors when selling in a changing market. Give our team a call today to discuss current market conditions, your property, and goals to see if now is the right time to move.
Kaelin Real Estate Team
(831) 419-6538
Realtor DRE 01945819
eXp Realty of CA