For the past couple years, homes have been selling fast and home values have been increasing at record-breaking rates. The inventory of listed homes on the market has been historically low. This is starting to change, however and the market is starting to balance out. In many markets home sellers no longer have the leverage they did a few months ago. Home buyers will not be competing with as many other home buyers, and there will not be as many cases of multiple offers on homes as there has been. Buyers will start to see that they will be able to negotiate listing prices again. They will not have to waive inspections and appraisals. Listing agents did not have to do as much to get a home under contract as they do in a more balanced market or in a buyer's market. Sellers and their listing agents will have to put forth more effort now. Here are a couple additional services your listing agent should be offering as the market changes.
More Detailed Market Analyses
Home values have been rising at double-digit rates the past couple years. In fact, according to a May 31, 2022, article written by Anna Bahney on cnn.com, "Home prices rose 20.6% in March from the year before, an even higher rate than the 20% growth seen in February, according to the S&P CoreLogic Case-Schiller US National Home Price Index." The past couple years, listing agents would simply look at the sales in an area or subdivision and list homes higher and higher each time. They didn't have to prepare as detailed market analyses as agents need to prepare in a more balanced market. Now, listing agents must really consider square footage, number of bedrooms and bathrooms, upgrades and updates in homes and the like, in order to come up with competitive list prices. Home prices aren't expected to go down; however, they will not continue to rise at the rates they have been rising.
Top-notch, professional listing photos are more important now when listing a home for sale. Your listing agent should hire a professional real estate photographer or have a professional camera and training if they are taking listing photographs themselves. Professional home videos and virtual tours are coming back to the real estate listing services arena once again. Drone photos of the exterior of homes and aerial views are also services that listing agents should be providing.
Home staging is becoming more important when listing homes. Real estate agents can take classes on home staging so they can provide this service to their sellers. Listing agents also can hire and pay for professional home stagers to provide an hour or two of home staging services to their sellers.
Another top-notch service listing agents can provide to their sellers is discounted or free home warranties. Buyers are going to start asking for home warranties in their negotiations again.
Home Cleaning Services
One of the first tasks listing agents give to their sellers is to clean their homes or hire professional home cleaning services. A couple hours of a cleaning service or carpet cleaning would be a nice gift or incentive for listing agents to give their sellers.
Storage and Moving Services
Home sellers should start purging, packing and storing some of their household goods before they list their homes for sale. Rooms look larger when they have minimal furniture and no clutter in them. Another top-notch service for real estate agents to consider providing to their sellers is discounted or partially paid-for storage and/or moving services.
Real estate listing agents who go above and beyond, and provide top-notch services, will help sellers get higher sales prices for their homes in this changing market. Ask the real estate agents you are interviewing what they will do for you if you hire them to list your home for sale.