SellersMust Work Harder to Stand Out When Inventory IsUp

With fewer buyers on the market,sellers will need to work harder to make their home stand out

In Chicago,even with only 17 months of inventory,it?s a buyer?s market,says Ryan Preuett,global real estate advisor, Jameson Sotheby?s International Realty

Now more than ever,buyers are searching for quality,says Josh Behr,a real estate agent with LIVSotheby?s International Realty in Denver,Colorado

?The ability to present beautiful marketing assets to the right group of buyers and brokers,coupled with strong market knowledge and the ability to articulate the value of a property in a given area,are all vital to a successful transaction,?he says

Pricing strategy is another important factor Sellers should work with their listing agent to compare their home with others nearby that recently sold,says Dana Trotter,senior global real estate advisor and associate broker,Sotheby?s International Realty?Bridgehampton Brokerage in Bridgehampton,New York ?There?s only one chance at a first impression when launching a property,and it helps to be competitively priced?

The number of offers a seller receives may also depend on the time of year when they decide to list

?The Hamptons market is typically very seasonal,so timing properties to launch in the spring or sell quickly before the winter is common,?Trotter says

A seller with a rare property expected to generate multiple offers might decide to put their home up for auction,which can help to drum up excitement for the home and make the bidding war public

Those days,agents say,may be behind us.In Los Angeles,?a buyer wasn? t even in the running or considered in a counter last April if they hadn? t removed the appraisal and loan contingencies? essentially,if they weren? t all-cash,their offer was no good,?Wilder says ?Now,as there are fewer multiple-offer situations,buyers are able to keep their loan contingency in place,but not often the appraisal contingency?

In less-competitive markets,buyers may be able to ask for more concessions,like a negotiable moving date,or even closing costs covered by the seller

Buyers may also have more time to make a decision Homes are selling less quickly,with the average time on market increasing in September 2022 to 50 days, up 15% from 2021,according to Realtor com

AnOverallHousingShortageKeeps PricesSteady

In some markets,inventory is staying steady because people who might have otherwise sold are deciding to stay put to avoid high interest rates on a new property

That?s the case in Chicago,where Ryan Preuett,global real estate advisor, Jameson Sotheby?s International Realty,says inventory downtown is down 30% from the same time a year ago ?There?s going to continue to be some sellers who are going to want to wait and see what happens,so that?ll restrict inventory,?he says ?The other issue we?re having is developers aren? t building like they were,which is a combination of financing and construction costs being high,?he says

The U S already suffers from a years-long shortage of housing,which has been exacerbated by home builders who have begun to slow production to prepare for potential reduced demand Privately owned housing starts fell 77% in September 2022 from September 2021,according to the U S Census Bureau data They were 8 1% below the revised August estimate,too

?I don? t expect to see much increase in price or supply throughout the winter,? says Montero ?However,the demand is year-round?