The market is cooling and inventory is also starting to rise. While it’s hard to say if it’s just a summer slowdown while everyone is traveling or a real shift in the market, the fact is –
you still need to move your deals.

Majority of the active loans that ARV has had a price reduction in the last week.

Below are things I have heard collectively from the group along with some things I used to do to keep your inventory moving. 

1. Schedule in depth meetings with your listing agents, they need to work hard to get feedback from every buyer who walks through the house. Why didn’t they make an offer? 
   
2. Dial in your reno, take the extra week to button it up and make sure it’s 100% when it hits the market. Rushing to put out a product will work to your detriment as you only get one “new listing pop” on the market.
   
3. Comp new acquisitions on sales with the last 60 days and pendings. No January comps! 
   
4. Price it right out the gate, no listing it 100k over pro forma just to test out the market. I’ll spoil the surprise for you –  you’re not getting it! 
   
5. New Acquisitions – Educate agents on deals your offering on – “we have a million offers over list” doesn’t mean they are going to close especially when things are cooling down. They need to understand a shift in the market means offers will be more conservative and they will get retraded. 
   
6. Walk stale listings every other week and ask yourself if I could throw 2-5k at this house where would I spend it (preferably on items your listing agent has pointed out from direct showing feedback)
   
7. Rate buy downs (this is one of my favorites). My thesis is people do not buy price, they buy payments. And it is often cheaper to buy down the rate than it is to reduce the price, so it’s always worth trying. There are many kinds of buy downs including 12 month teaser buy downs. Once you finalize a rate buy down strategy print flyers and put them in the house and market it in the MLS description. “Seller offering rate buy down to 5.99%” “own this home for $2,500 a month with a seller rate buy down” This is the playbook of every large home builder in the country. And they do it because it works. 
   
8. Adjust price – last resort and no one wants to do it. But sometimes it’s reality and you have to accept it.