Make sure that you are ready for market changes.
Data suggests that the incredibly competitive market that has existed over the past year is going to creep its way back toward normalcy. Though it will take some time, numbers indicate the shift is already underway. What should you do to make sure your listing stays competitive?
Less Aggressive Bidding
Data summarized in a recent article by NAR shows that there has already been a significant month-over-month decline in the percentage of homes that are involved in a multiple offer situation. From May to June alone there was a 7% decrease in the number of homes which encountered a multiple offer scenario.
It’s worth noting, however, that though bidding wars are beginning to subside some, the percentage of properties that encounter multiple offers is still far above the “normal” range. Also worth considering, is that the cooling effect seems to be affecting different regions at different rates. For a breakdown of the data and to see where bidding is still the most intense, take a look at the article linked above.
How To Adjust
In order to keep buyer traffic as high as possible at your listing, it should be represented with professionally produced listing media such as our magazine-quality listing photos, gimbal-stabilized property tour videos, aerial photography, Matterport Virtual Tours, and advanced edits. Using these tools is a proven way to attract more buyers and will help to make sure that your listing sells fast and for top dollar.
Having a portfolio of listings that are represented with professionally produced advertising materials is also a great way to set yourself apart from other agents and win more listings. Investing in professional resources is beneficial both for your current listing and your future business.
