How to Sell Your Home in a Cooling Market

18 August, 2022

The housing market is cooling down, which can make it harder to sell your home. In a hot market, you could probably get away with just putting up a "For Sale" sign and waiting for an offer. However, in a cooling market, you'll need to do more than that. Interest rates are rising, so buyers can be pickier about what they buy. Here are four tips to help you sell your property in a cooling market!

First, make sure your property is in good condition. This means repairing any damage, painting any walls that need it, and generally making your home as attractive as possible. Secondly, price your home competitively. In a cooling market, buyers will be looking for bargains, so make sure you're not overpriced. Thirdly, use a trusted estate agent like GetAnOffer who can help with marketing to sell your home. This means using good photos, writing a great description, and using social media to get the word out. Lastly, be patient. In a cooling market, it may take longer to find a buyer. But if you follow these tips, you'll be more likely to find a buyer who's willing to pay your asking price.

- The Symptoms of a Cooling Housing Market

The first noticeable change of a changing market is normally in luxury and upper-end properties. Sales will be down and there will be a larger selection of (inventory) properties, buyers will be pickier.

If you're selling a luxury home, you may need to accept that you won't get the same price as you would have only a year or two ago. As the market cools further this will affect more properties with stock not moving as quickly which can force the price down.

- How to Sell Your Home in a Cooling Housing Market

To sell your home in a cooling market, you need to be realistic about pricing.

Don't try to sell at the top of the market, because you probably won't find a buyer and might miss an opportunity.

Buyers in a cooling market are pickier, so they'll be looking for any excuse to low-ball you on price, make sure you take the time to organise and arrange your home fixing anything that requires it and touching it up to improve kerb appeal. Finally, be prepared to negotiate. Buyers will likely try to get a better deal in a cooling market and may be more willing to walk away.

- More Tips for Selling Your Property in a Cooling Housing Market

The most important thing you can do to sell your property in a cooling market is to be realistic about pricing. You might not get as much as you expect.

In some cases, it might even be less than your mortgage. It's important to consult with an estate agent to get an idea of what your home is worth in today's market.

It's also important to be flexible with buyers. If you're getting low-ball offers, try to negotiate. In a cooling market, selling your home might take longer than you expect.

You might have to wait for the perfect buyer who is willing to pay your asking price.

- What to Expect in a Cooling Housing Market

If sales stop progressing you'll find prices can start to drop, this can lead to a cascade as once one property drops its value the rest in a neighbourhood might follow suit, this can make pricing a property ever more difficult as current prices are based on rough what's been selling at a set value in an area. It can be really important to get the help of an experienced estate agent who will know what to expect and get you the best price for your property in a suitable timeframe.

Worried about selling your house with the market starting to turn? Come talk to us and see what we can do for you today.