Sellers: What You Need to Know About the Market Right Now
The Cape House Show: Episode 35
We've been enjoying a robust seller's market for a very long time now. This seller's market is driven partly by the economy - things are pretty good - but also by a lack of inventory.
When there's a lack of inventory, sellers are kind of in the driver's seat.
However, we are noticing a shift right now.
For the first time in I can't remember how long, we've actually had to start doing price drops on some of our properties, and that is not something we are used to.
This is a reflection of a little bit of a fussier buyer population. Some of them are kind of burnt out; they've been shopping for a long time and they're like, "You know what? We waited this long. We'll wait some more. We want the right house at the right price."
So, it's not just that we lack inventory.
We lack the inventory that people are looking for. What is on the market right now largely are just a little bit left of center. They might have some "hair" on it, if you will.
For example, you've got to do a septic on it, or it's got a funky layout that people just don't get, or it needs work.
That's like the kiss of death: it needs work. Not too many people are looking for houses that need work.
And if they are, they're looking for a deep discount, and that's just the way it is.
So, sellers, if you have a house that is a little left of center, my advice to you is to correct any flaws that you can in the house. Leave as little as possible for the buyer to deal with.
Now, if you're not in a financial position to do it all, it's gonna have to give somewhere. You're probably going to have to lower the price on that house because buyers just aren't going for it. If there's work to be done, they're looking for a real deal on it.
So there's my advice for you, sellers, the market has shifted, you need to respond, or you will be sitting for a long time. And if you've already got a couple of strikes against you, in terms of inspection issues or weird layouts, don't add on to that the stigma of being on the market for a long time. That's another kiss of death.
Work with a strong agent who will coach you to take your lumps as early as you can, and get that house sold.
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Meet Katie
Mother. Singer. Runner. Dog Parent. Realtor. Speaker. Cape Cod Local Expert. When I want the freshest oysters, I don’t go to the fish counter at the grocery store; I go to John, the East Dennis oyster guy. When my husband wants a perfectly tailored suit, we don’t go to the mall; we go to Puritan Clothing in Hyannis. When I want the best chocolate this side of the Alps I don’t go to the candy store, I go to The Hot Chocolate Sparrow in Orleans. A Cape Codder since I was a kid, I can find you the right house, bank, builder, school, auto mechanic, and yes, even the right oyster guy.
