Inflation is on people’s minds as prices go up for everything — even homes and mortgage interest rates. This has created what some agents are calling a down market and that is leaving some sellers wondering if now is the time to sell, or if they should hold off. A real estate agent is your best guide to sell your San Francisco home in a down market. Before you hire an agent, it’s a good idea to understand what to expect.
Get an inspection for a full picture
When you are selling your home, you need to know what needs to be repaired and either fix or disclose these fixes to buyers. An inspection is the best way to avoid surprises and especially in a down market, you’ll want to have this done as soon as you know that you will be selling your home. If you do find repairs that need to be made, work with your real estate agent to see if it’s best to disclose them to potential buyers, or to make the repairs before your house hits the market. In a down market when it can be more difficult to sell homes, you may want to make repairs in advance.
Study the market and price it right
Real estate markets are constantly shifting and studying the market is the only way to know where your home stands in comparison to other properties. Professional real estate agents call this research Comparative Market Analysis or Comps and in a down market, it is key to make sure a house isn’t priced too high, as there may be more homes on the market than there are buyers.
Declutter and stage
Your home’s appearance matters a lot and even more when selling in a down market to make it stand out from the crowd. Decluttering and staging are necessary steps to take, whether you hire a team to help you or go for a DIY approach. To declutter, work room by room and by categories of items and then hold onto only those items that spark joy, following the advice of Marie Kondo. A deep clean is the next step, followed by staging. With staging, you may want to hire an expert who can advise you about design trends while keeping your home’s look neutral to appeal to a wide range of buyers.
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Amp up your marketing efforts
In a down real estate market, marketing can help you get ahead when selling your home. There are many aspects of a strong marketing plan and hiring a real estate agent is likely a must. Working with a professional photographer is another strategy, as those photos will then be used for all marketing materials for your home. In a down market, you may want to publicize your house on as many sites as possible and maximize social media and even word-of-mouth.
Selling a house in a down market may require some extra effort, but it can lead to a positive outcome.
