Price Cuts to Active Listings Are Soaring. Are Your Buyers and Sellers Prepared?

Price Cuts to Active Listings Are Soaring. Are Your Buyers and Sellers Prepared?

Price cuts just keep getting more common. In fact, the number of price cuts to on-market homes has doubled in the past year, according to Homesnap’s exclusive U.S. residential real estate data.

With 1 in 7 of active listings nationwide now experiencing a price cut while on the market, sellers should be aware that the bidding wars of 2020 and 2021 aren’t likely to occur anymore.

Now, real estate agents like you will be counted on to help sellers set a listing price that is fair, competitive, and gets their home off the market quickly.

Homesnap Pro+

And working with clients to set a listing price doesn’t have to be about arguments, assumptions, and conjecture. Instead, Homesnap Pro+ agents can use Sell Speed to get their clients the best deals on the market. Sell Speed is a best-in-class proprietary algorithm that estimates how long a property will remain on the market at any given price. 

With Sell Speed, your seller clients will have an honest estimate of how long their home is likely to last on the market at a given price. For buyers, you’ll be better able to negotiate home prices Overall, Pro+’s Sell Speed helps you win new business. Learn why Sell Speed is a must as price cuts rise and the market cools.

1. Sell Speed Helps You Set the Best Price for Sellers

Price cuts aren’t the end of the world, but for your seller clients, they can be confidence-rattling. Why isn’t my home a hot property? Am I going to be able to move in time to start my new job? Does my agent know what she’s doing?

Sell Speed helps you avoid those hard conversations and deliver on seller expectations before you set a listing price.

Input a listing price and Sell Speed will display the probability that your clients’ home will sell within the time frame they desire. Adjust the price for a dynamic, objective assessment of how a price increase or decrease will impact the amount of time a listing spends on the market. This way, you and your clients are deciding on a data-focused listing price that reflects your clients’ ambitions and needs – not a random listing price that spends too long on the market or doesn’t attract the quality of offers your clients’ anticipated. 

2. Sell Speed Empowers Your Buyers During Price Negotiations

For the past two years, your buyer clients have had to endure bidding wars. But with more than one million active listings on the market, buyers are now more likely to be able to negotiate with sellers.

Pro+ agents who use Sell Speed put their buyers at a significant advantage in regards to offers and price negotiations. To start, you can use data to determine what a competitive offer looks like in your market. Then, when it comes time for price negotiations with the listing agent, Sell Speed’s data makes you better able to advocate on your buyer’s behalf.

Sell Speed helps you get the best deals possible for your buyers, and makes it less likely that they wildly overpay for a home in a time of transition for the real estate market.

3. Sell Speed Helps You Create Better Listing Presentations and Win More Business

Clearly, Sell Speed is a major boon for your clients. What’s less obvious – but just as important – is that being a Pro+ agent who uses Sell Speed also helps you get new clients.

When you give listing presentations, sellers are evaluating your experience and want to know how you’re going to market their home. In the end, sellers are really asking themselves, “Is this the agent who will sell my home fast and at the best price possible?

Sell Speed enables you to provide an accurate, data-driven assessment of how to price a home. You can be explicit with potential clients: If you want to sell at this price, expect your property to last this long on the market. Inversely: If you want your property off the market within a month, here’s the price at which you should expect to sell.

Consumers hire a real estate agent because they want an expert who can give them honest, spot-on advice that makes a life-defining transaction as simple and beneficial as possible. Sell Speed makes you the agent who impresses consumers, wins their business, and satisfies them as clients, which is why you should upgrade to Homesnap Pro+ today.