Some people feel like it’s not a good time to sell their house in Mammoth Lakes (or anywhere) right now because they’ve heard that prices are dropping, it’s taking longer to sell, and the number of home sales have drastically dropped.
That’s all true in many areas and price ranges, but it isn’t across the board. A lot depends upon your specific property, where it is located and the price range of the house you’re selling. Your specific house could also be immune to all of that if it’s nice enough, or unique enough for buyers to beat a path to your door in droves. (Caveat: almost every homeowner feels their house is better, and worth more than every other house around in any market, let alone a more competitive one. Try to be objective…)
The problem for some homeowners is they look at the market pessimistically, feeling like they missed their chance to get top dollar.
But even if the market is shifting in your area, and it’s taking longer to sell and prices are coming down, the odds are you still stand to make more money now than you could have a few years ago. In fact, you still have a better shot at getting your house sold in a reasonable amount of time and for a great price because other homeowners are hesitant to sell. Inventory is low and prices are still up significantly over where they were before the latest market frenzy (ask for a link to our latest Market Update so you can see the numbers for yourself).
However, if you want to capitalize on this and sell your house as quickly and for as much money as possible, here are three things you should keep in mind:
Appreciation. Normally when you hear that word in relation to real estate, it’s about how much house prices are going up. But in this case we’re talking about having appreciation for any buyers that make an offer on your house. With interest rates much higher than they were recently, and house prices still on the high end, a lot of buyers have taken a break from looking. Appreciate anyone who is still looking, especially if they choose to make an offer on your house.
Give in, don’t dig in. It’s common for sellers to dig their heels in on their asking price in any market, but even more so after recently seeing higher sales prices in the area. Now that the market is shifting, be willing to consider a price reduction if you’re not getting many showings or offers after being on the market for a couple of weeks.When you do get an offer and it’s lower than you’d like, don’t look at it like the buyer is “low-balling” you; they’re likely concerned about paying too much for a property. Be willing to negotiate with them, rather than getting offended and telling them to take a hike or not responding at all.
Don’t get upset if other houses are selling faster. It isn’t happening quite as often as it was a few months back, but some houses are still selling for over asking price within days. But it isn’t normal for virtually every house to sell that quickly or for over asking price. So don’t think something is wrong. Be patient and stay the course; your buyer will come along if your house is priced appropriately for the market.
Even though the market is shifting and some homeowners feel like it’s not a good time to sell, it’s actually a great time to sell. Prices are still historically high, even if they have dropped a bit in recent months, and there is still relatively low competition because other homeowners aren’t selling.
However, don’t dig in on your price based upon recent sales in your area. Be willing to negotiate. You need to appreciate the buyers who are active in this market, and be willing to work with them on coming to an agreeable price.