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S​elling a house in a slowing housing market

The East Bay is seen as one of the hottest markets in the United States, if not in the whole world. But home selling here isn’t what it used to be – the East Bay real estate market is slowly turning into a buyers’ market, with some homes now taking 30 to 60 days to sell.

With these new challenges, sellers are going the extra mile to ensure that their listings don’t go stale.

Here’s how you make a successful sale in this transitioning real estate climate.

Price your home correctly

The Bay Area commands some of the highest home prices on the West Coast. Setting the right price will become crucial in bringing attention toward your home and making a sale. Unlike before when bidding wars drove up sales prices, this time you should think twice about exaggerating the price tag of your property.

Your home’s selling price should fall within the current range of prices in the housing market. You can base this on prevailing prices of homes for sale and that of homes sold within the last two to three months. Giving objective data to justify your selling price will sound more reliable to potential buyers.

You could also stand out by being open to negotiations when it comes to repairs or certain closing costs. These may be easier to negotiate than reductions in the asking price.

Be mindful of market conditions

Stay up-to-date on trends and developments in the East Bay market. A market-savvy real estate agent with substantial experience in selling homes in the East Bay can help you with this. They will have access to market data you need through subscriptions, the local board, and the MLS. They can also analyze and explain to you in the simplest terms market trends that could change per week and vary per block.

If you aren’t prepared to sell your home at fair market value, consider waiting a bit longer. Setting the asking price well above market value can potentially alienate buyers, so it may be a good idea to put off the sale for a better time.

Focus on presentation

Presentation is key if you want to put your home on every home buyer’s radar. This is especially true in a relaxing market, where you will want to sell your home at the soonest. Installing strong flooring material or using the right paint color could spell the difference between a high offer or none at all.

And it’s not just about visuals. The scent and temperature of the home also affect buyers. Thus, neutralize odors, bring in a scent diffuser, and make sure the thermostat is at the right temperature.

You could also add more pizzazz to these home viewings by organizing wine tasting sessions or by serving tea and cookies to impress buyers. These touches of hospitality can really make an impact and make people more inclined to put in an offer.

Market your property

Develop a marketing plan and make sure your listing appears in all the right places to attract qualified buyers. It’s worth investing in high-end collateral that will reflect the value of your home, such as professional photos and virtual tours.

When putting up a listing, see to it that there are no spelling mistakes in the ad copy. Only make truthful claims about the property. Include as much detail as possible, from square footage to architectural style.

Be flexible

No matter how much you would like to sell your home on your terms, buyers will still most likely want to negotiate. That’s why it’s important to have realistic expectations and to be a little flexible with your offer. If a buyer puts in a low offer, don’t take it personally. A low offer still signals interest, so writing them off completely might be the wrong move. Instead, counter their offer by negotiating for a more acceptable one.

Moreover, make sure your home is available for viewings. This requires a certain level of accessibility and upkeep. Keep the property clean and presentable during the sale, and ensure that someone is available to entertain buyers when they come in.

Get seller representation

You don’t have to do it by yourself. Selling a home is always easier with a seasoned real estate agent by your side. They can assist in putting your home on the map, as well as in making sure you don’t make any costly mistakes. As experts in the field, they can help you:

  • Price your home correctly
  • Find the right buyers
  • Market it online for more exposure
  • Set it up for home staging
  • Prepare required documents
  • Deal with negotiations

Having a reliable agent by your side also gives you access to a wide network of professionals like photographers and appraisers. These experts are vital to your selling success.

Ready to put your home in the market? Sell it fast by getting in touch with us – the Chawla Real Estate Team. Give us a call at 510.406.4836 or email us at JouJou(dotted)Chawla(at)ChawlaRealEstate(dotted)com to know more.