What a difference a few months make.  With the rise in interest rates and inflation, we have seen homes go from selling almost before the ground is broken for the sign, to now homes are sitting on the market for days, if not weeks.  For example, according to Altos Research, while one Seattle bedroom community, Sammamish, is still listed at the edge as a strong seller’s market, 37% of homes durinng the first week of June had a price reduction.
Sammamish Market Profile

Courtesy of Altos Research

Seattle has also seen 24% of listings with a price decrease, despite there being less than 500 listings overall and it being an extremely strong seller’s market.
Seattle Market

Courtesy of Altos Research

In contrast, another hot market, Austin, has seen 32% of the listings with a price decrease on close to 1,200 active listings.
Austin Market

Courtesy of Altos Research

And even a market like Fairfield, CT, with less than 100 listings, is seeing some downward price pressure.
Fairfield CT Market Profile

Courtesy of Altos Research

Or over in the Southeast, Charleston has also seen 31% of it’s 202 listings with a price decrease.
Charleston, SC Market

Courtesy of Altos Research

 
So, what are the implications?  Well, the market is obviously in a correction period and we can expect properties to sit longer.  The question is, how do you adjust?

Our view is you increase the marketing exposure for your listings, and you. Leverage the listing you have by differentiating yourself online, which is where buyers and sellers are going, and stand out, with an outstanding marketing presentation for your listing – the FloorPlanOnline virtual tour. It has been proven to get agents more business.  And it can increase the traffic to your listing, just like Laurie experienced with her first listing put into FloorPlanOnline.

Game Changer.  

That’s what you say when something new comes along and shifts how you do something, and I can honestly say FloorPlanOnline and their 3D Walkthrough Tour is a Game Changer. The photos are amazing, that is the first thing online buyers see, and they leave a lasting impression.  They are backed up with the immersive 3D walkthrough and 2D & 3D floor plan tools that can even get converted into a video to complete the ultimate marketing presentation. 

My first listing with FloorPlanOnline had over 400 social media video views of the 3D WalkThrough Video, much more than I ever had in the past. The results also speak for themselves. Most properties in the immediate area sell for 106% of sales price over list price. My listing sold for 114% over list.  Average days on market for the area is 12 days, this property sold in 36 hours.  

Let me say it again.  Game Changer.

Laurie Jorgensen

REALTOR, Jorensen RE Group, ReeceNichols

Also, create more and better content.  If you have just photos or a photo tour, upgrade to add a floor plan.  If you have a FloorPlan Tour, upgrade to the 3D Walkthrough Tour.  According to Zillow’s own internal data, listings with 3D tours are saved 53% more often and they get 81% more traffic, as our previous blog post detailed. And, because our patented process we call Brandkeepr (patent #11,328,374 ) can keep your brand on your virtual tour on the top sites like Zillow, Realtor.com, Redfin and Trulia, you have an opportunity to get more leads from more places, for free.  So leverage the tour you already have into a lead capture machine.

At the end of the day, you never know who is looking at your listing, and for what purpose.  It could be someone looking to add to their rental portfolio, and they are sitting in a $3 million home that they want to sell in a year.  Or, it could be an older seller who is looking to downsize, and they have both a home to sell, and one to buy.  So leverage your listing to differentiate yourself online, and it will lead people back to you.

What if you don’t have a listing?  Use the free Demo Tour you have in your account and create a Facebook post on your Facebook business page and show people how you would market their home.  Boost it to convert it into an advertisement and target your market.  It is this tour but with your info on it.  It should have an active Matterport 3D tour so you can show prospective sellers how you will market their home but the best tech available and the best photos for the money, hands down.   If for some reason your Demo Tour does not have an active Matterport, see this post or contact customer care and we can add it on for you.

The post text can be something like this:

Inventory is still low, so list now before rates climb higher.  I use the best technology to sell your home faster, safer and with less hassle, as you see in our example tour.  We can do the same for your home.  

It would look something like this.  When you boost the post you then have an opportunity to pick and area and budget.  Or do this with an existing listing, showcasing a real example and help your seller at the same time.

example facebook boosted post