The times they are a’changin – especially when it comes to the housing market. In the past decade, anybody could put their property on the market and it would likely get multiple offers. The bare minimum was enough to get your house sold.
If you want to sell your home NOW, and you feel like you missed the biggest seller-friendly window in history… I won’t sugar coat it for you, ya kinda did.
Buyer’s finally get to be picky. What that means for sellers is that it’s significantly more important to have a talented realtor (like moi) to help put your home’s best foot forward.
Keep scrolling to find out your one silver lining as a seller in the market, and the five crucial things that will give you an edge when selling your home NOW.
If you’re new here, I’m Lauren Goché — a Portland realtor with a decade of experience backing me up. Which means I’ve weathered more than a few market shifts over the course of my career, and specialize in making sure you can make the most of the market for your goals. Read more about me here.
Are We in a Buyer’s Market?
Have you heard whispers in the street of the national market moving in favor of buyers. If you live in Portland, this isn’t the case at the moment. Us Portlanders are in more of a neutral market since the supply of homes is still not enough to meet demand. For a recap on our local market, read my blog on the current Oregon real-estate market. Forsomeone looking to sell your home, THAT is your silver lining. What you do to set your home apart from the few others on the market is more important than ever.
How I’m Prepping Sellers in this Market
1. Mindset Matters
Part of my job as a realtor is getting my clients’ heads in the game. Lately, I’ve seen sellers having a hard time reconciling they’re selling in a dramatically different environment.
There’s a funny psychological phenomenon every seller does — including me when I sold my own home recently. That is: once you create a price in your head for your home and you calculate what you will walk away with, you’ve already spent that on student loans, another house, paying off your car, putting money into a college fund for your kids…
Whatever it is, it’s your money. Period.
The minute the buyer asks for a bunch of repairs, it somehow feels like they are literally REACHING into your pocket and stealing that money from you.
Stealing the college money from your child. Sounds dramatic, but I see this alllll the time (and felt it myself). That’s why I always take the time to ensure my sellers understand what is coming, so when it’s time to negotiate, they don’t feel blind-sided. Feeling emotionally prepared is an overlooked, but ESSENTIAL piece to successful negotiation.
2. Seller Concessions are Back Ya’ll!
Sellers need to understand that budgeting in repairs and closing costs credits for buyers is back again. What I do with my sellers is sit down, and talk about budgeting for concessions so we understand it’s coming. We’re not shocked by it when it happens and we have a plan. I’m all about getting ahead of those plans.
These are the top things you might have to budget for when selling your home.
After home inspections, it’s likely that your buyer will ask you to pay for repairs. Here’s a list of common repairs needed after home inspection:
- Structural damage
- Water damage and mold
- Roof damage
- Broken appliances
- Plumbing, sewage, and septic problems
Paying Buyer’s Closing Costs
This was pretty rare in the last decade, but it’s making a comeback. Your buyer will probably negotiate with you to pay for some or all of the closing costs like the following:
- Origination fees
- Discount points
- Homeowner’s insurance
- Loan application fees
- Title insurance
Paying for a Buyer’s Rate Buydown
It’s more and more common for buyers to ask for a 2-1 rate buydown. This means that you agree to pay a certain amount at closing so that the buyer can get a lower interest rate for the first 2 years of their mortgage.
Keep in mind that during negotiations I will fight for you to pay for as little as possible, but these are common these days.
3. Set the Stage
If you’ve been following along, you probably know that I’m a self-proclaimed staging evangelist. And if not, what are you waiting for?! Go read my THREE blogs about the benefits of staging, Portland’s best stager, and 4 SHOCKING before-and-after transformations as the cherry on top. Scurry on now!
Now that you see the power of staging, keep in mind that it has an even BIGGER impact as we move towards a market that favors buyers. Nowadays, buyers shop for homes online, so all of the photos that they consume prior to an in-person showing have a massive impact. Take a look at my listings and you can tell I’m obsessed with Carrie Wilson’s ROUGHHOUSE (follow her on insta here) and her big, colorful staging. It’s not whether you like pink or not, what bright, bold colors do is subconsciously make buyers stop scrolling for a millisecond. THAT is the key to making your home stand out.
4. Market the Heck Out of It
Marketing your home is more important than ever, and it’s a place where I excel. Not to toot my own horn, but I have a pretty large instagram following that I’ve carefully curated over the years, and your home gets FULL leverage of it.
Buyer’s these days shop online so I always make sure your home is staged to perfection and to get some bomb photography done before posting it on social media. I specialize in giving homes that WOW factor that people see in magazines or Pinterest.
Last but not least, my vast network of fellow realtors is powerful when it’s time to get your listings in front of as many buyers as possible.
The killer combo of my impressive Instagram following, knack for stunning home staging, and extensive network of fellow realtors, is how I sell homes consistently– and well above listing price.
5. The Subtle Art of Pricing
In real estate, pricing your home is an art form. It’s super subtle and super local. Price it just right, and it’ll have buyers swarming like flies; go even slightly too high and your home will sit on the market for what feels like eternity.
I’ve dealt with buying and selling so many Portland properties, that it’s just in my gut. What I’ve perfected over the years is finding that pricing sweet spot that puts you in the best position for a potential multiple offer situation amongst buyers. Once the multiple offers start coming in, that’s another time when my negotiating talents kick-in and how I consistently sell above listing price.
After reading all of this, I hope I gave you some confidence if you’re planning on selling your Portland home this year. Even though we’re in a different market, it’s still possible to successfully sell your home with a talented realtor to help you traverse the market.
- We’re NOT in a buyer’s market because there are still not enough houses on the market to reach demand.
- Managing expectations is key when it comes time to negotiate confidently with buyers
- Budget for potential repairs, closing costs, and rate buydowns when selling your home
- Staging will help your home sell faster and for more
- Marketing to reach maximum exposure is more important than ever
- Price your home strategically to create a bidding war amongst buyers
If you’re planning on selling your Portland home this year and want to make sure you have the very best on your team, contact me here!