14 Rules for the Shifting Market
Don't overreact! The market is shifting, not crashing. Knowledge = Confidence and Ignorance = Fear. If you expect buyers and sellers to transact with you, you must be educated, motivated and proactive.
1 - More days on the market do not equal low ball offer time. You'll probably pay list price instead of over list. You might be able to have it inspected and possibly not have to guarantee the appraisal gap. Don't lose again just because you're getting too aggressive too quickly. The market isn't crashing.
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2 - Set your seller's expectations for two scenarios... yes, it MAY sell right away, possibly with multiple offers, however...if it does NOT sell right away, what does that do to their plans? Understand your seller's motivation and time frame and discuss different scenarios (after you have the listing signed but before the first showing)!
3 - Prepare your listings as if you have more competition. Buyers are getting pickier and will pass on a home that seems neglected. Buyers are starting to believe there will be more inventory soon and may pass on something that's not quite right. Proper previous preparation prevents pitifully poor performance! (The 7 P's). Make it shine, even if you think you don't have to. Your seller will thank you.
4 - You must be more careful about accurate pricing on your listings. Do three comparative market analyses, perhaps more if your time frame is stretching out. A listing presentation you go on today, where the seller will take 30 days to prepare the home, will require you to revisit the price before you actually launch it as a new listing. In a shifting market, this may adjust up, down or stay the same. What do the new pending and sales tell you?