63% More Sellers Than Buyers. Don't Cut Your Price Yet.

I grew up in Moorpark, and I've been selling homes in Ventura County since 1985. I've seen hot markets, crashes and everything in between. Right now we're in a buyer's market.

Nationally, Redfin says there are 63% more sellers than buyers. That's the widest gap on record.

When sellers hear that, most think the same thing. "I guess I have to drop my price." Maybe. But a price cut should be the last lever you pull, not the first. A cut tells buyers you're nervous. Nervous sellers get low offers.

Here's what I look at first.

Get buyers in the house at the same time.
Most homes get shown one buyer at a time, whenever someone calls. That's a hassle for you, and it hurts your price. Each buyer walks through alone and figures they're the only one interested. Put buyers in the same showing window and the mood changes. Add a firm date for offers, and nobody wants to sit on the fence and lose out.

Price for the search.
Buyers shop online in price ranges. List at $905,000, and the buyer whose search stops at $900,000 never sees your home. A home priced right on day one reaches more buyers than one that gets cut on day 60.

Lower the payment, not the price.
What stops most buyers today isn't the price. It's the monthly payment. A credit toward a rate buydown can do more for that payment than the same amount off the price. A good lender can run the numbers for your range.

Fix what scares buyers off.
Peeling paint. A loose handrail. A broken outlet cover. Small things like these can hold up FHA and VA loans, and they give every buyer a reason to ask for money back. A pre-listing inspection shows you what's coming before a buyer's inspector does.

Let the photos do the first showing.
Almost every buyer sees your home online before they see it in person. That's why I hire a professional photographer for photos, video, a floor plan and drone footage. A dark phone photo costs you buyers you'll never hear from.

Set your terms, then stay flexible on the rest.
Price isn't the only thing buyers care about. A closing date that works for them or a short rent-back can make your home the easy choice. Decide what you need. Everything else is on the table.

Before you cut your price, call me.
Sometimes a price cut is the right move. Most of the time there's a better one first.

I also have a way of selling that brings buyers to the table on a deadline, with no lockbox and no surprise showings. It's called Homeboss. Call me to see if your home qualifies.

Mark Patton
Broker Associate, eXp Realty | DRE #00900562
(805) 433-5060 | [email protected]

General information only, not legal, tax or lending advice.